In how many years will Rs. 7,000 amount to Rs. 9,317 at 10% per annum compound interest?
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Answered by
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Step-by-step explanation:
Given that
A = ₹9,317
P = ₹7,000
R = 10 % p.a.
T = ?
Solution
A = P(1+R/100)^n
=> 9,317 = 7,000(1+10/100)^n
=> 9,317/7,000 = (100+10/100)^n
=> 1,331/1,000 = (110/100)^n
=> 1,331/1,000 = (11/10)^n
=> (11/10)^2 = (11/10)^n
=> n = 2 years
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