in how many years will a sum of Rs4000 amount to Rs5290 at 15% per annum if the interest is compounded annually?
Answers
Answered by
8
Given: A sum of Rs. 4000 amount to Rs. 5290 at 15% per annum.
To find: In how many years will a sum of Rs. 4000 amount to Rs. 5290 at 15% per annum if the interest is compounded annually?
Solution:-
According to the given information, we have been given that,
- Principal amount, P = Rs. 4000
- Final amount, A = Rs. 5290
- Rate of interest, R = 15%
- Time period, T = ?
We can find calculate the time period by using the final amount formula. The final amount formula is given by,
- A = P(1 + R)ᵀ
By substituting the given values in the formula, we get the following results:
⇒ 5290 = 4000(1 + 15/100)ᵀ
⇒ 5290 = 4000(1 + 0.15)ᵀ
⇒ 5290 = 4000(1.15)ᵀ
⇒ 5290/4000 = 1.15ᵀ
⇒ 1.3225 = 1.15ᵀ
⇒ 1.15² = 1.15ᵀ
⇒ T = 2
Hence, the time period is 2 years.
To read similar question from this chapter and learn formulas of this chapter, refer below link:
https://brainly.in/question/48601003
Similar questions