Question

In how many years will Rs 2000 amount to Rs 2662 at 10% C.I.?

Answer 1

Required answer:-

Question :

In how many years will Rs 2000 amount to Rs 2662 at 10% C.I. ?

Solution :

Given that,

Principal = ₹2000

Amount = ₹2,662

Rate per cent = 10%

Formulaes used,

$Amount \: = \: P (\frac{1 + r}{100}) {}^{n}$

According to the question we have to calculate the number of years. i.e.,time

$₹2,662 \: = \: ₹2,000(1 + \frac{10}{100} {}^{n}) \\ → \frac{2662}{2000} = ( \frac{11}{10}) {}^{n} \\ → \: ( \frac{11}{10} ) \: = \: ( \frac{11}{10}) {}^{n} \\ n \: = \: 3 \: years$

Thus the time will be 3years

________________________

Note : When interest is compounded yearly, the formula for finding the amount is :

$Amount \: = \: P (\frac{1 + r}{100}) {}^{n}$

where A = amount; P = principal;

r = rate of interest compounded yearly;

and n = number of years

_____________________