in how many years will rupees 1000000 amount to Rupees 1225043 at 7% per annum
Answers
In 3 years Rs. 1000000 will amount to Rs. 1225043 at 7% per annum.
Step-by-step explanation:
Principal, P = Rs. 1000000
Amount, A = Rs. 1225043
The rate of interest, R = 7% p.a.
Let the time period be denoted as “n” years.
The formula for finding the amount in compound interest is given by,
A = P [1 + R/100]ⁿ
Substituting the given values in the formula, we get
1225043 = 1000000 [1 + (7/100)]ⁿ
⇒ [1225043/1000000] = [107/100]ⁿ
⇒ 1.225 = [1.07]ⁿ
Taking log on both sides
⇒ log 1.225 = n log 1.07 ……… [using formula: log a^b = b log a]
⇒ 0.088 = n * 0.029
⇒ n = 0.088/0.029
⇒ n = 3.03 years ≈ 3 years
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