Math, asked by MathTeacher029, 1 day ago

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 Anonymous
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.

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