Question

in how many years will rs1000 amount to 1464.10,if the rate of interest is 10% p.a. compounded annually?

Answer 1

Every year amount will increase by 10% than the previous year.

Let number of years be "n"

Therefore:

Principal * (1 + r/100)ⁿ = Amount

1000 * (1 + 10/100)ⁿ = 1464.10

(1 + 10/100)ⁿ = 1464.10 / 1000

(1.1)ⁿ = 1.46410

n = 4

So, answer is 4 years.

Answer 2

4 year will 1000 amount to 1464.10