Question

in how many years will rs 6250 amount to rs 7290 at 8% per annum compounded annually

Answer 1

Principal =₹6250
Amount =₹7290
Rate of interest =8%
Let the time be t years
According to the question
Amount =p(1+r/100)^t
6250×(1+8/100)^t=7290
(27/25)^t=7290/6250
(27/25)^t=(27/25)^2
t=2
Therefore =2 years..
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Answer 2

Principal (P) = ₹6250
Rate of interest (R) = 8% p.a
Amount = ₹7290
Lay Time be 'n' years
$Amount \: = P {(1 + \frac{R}{100}) }^{n} \\ \\ 7290 = 6250 {(1 + \frac{8}{100}) }^{n} \\ \\ \frac{7290}{6250} = {(1 + \frac{2}{25}) }^{n} \\ \\ \frac{729}{625} = {( \frac{25 + 2}{25} )}^{n} \\ \\ \frac{729}{625} = {( \frac{27}{25} )}^{n} \\ \\ {( \frac{27}{25} )}^{2} = {( \frac{27}{25} )}^{n} \\ \\ 2 = n$

Time (n) = 2 years