Question

In how many yrs will rs 6250 amount to rs 7290 at 8%

Answer 1

Let time = n years

P = Rs.6250

A = Rs.7290

R = 8% per annum

 

Now,

Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest

P = Present value

R = Annual interest rate

n = Time in years]

∴ A = P (1 + R/100)n

⇒ 7290 = 6250 (1 + 8/100)n

⇒ (1 + 2/25)n = 7290/6250

⇒ (27/25)n = 729/625

⇒ (27/25)n = (27/25)2

⇒ n = 2

∴ Time = 2 years

Amannnscharlie