Question

In how much time will ₹ 40000 yield ₹ 8620.25 as interest at 10% per annum, interest being payable half yearly​

Answer 1

Step-by-step explanation:

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Answer 2

The time take will be 2 years.

Step-by-step explanation:

Given : ₹ 40000 yield ₹ 8620.25 as interest at 10% per annum, interest being payable half yearly​.

To find : In how much time ?

Solution :

Applying compound interest formula,

$CI=A-P$

Where, $A=P(1+\frac{r}{n\times 100})^{nt}$

P is the principal P=Rs.40000

C.I = Rs.8620.25

Rate = 10%

n= 2

A= P+CI=Rs.40000+Rs.8620.25=Rs.48620.25

Substitute in the formula,

$48620.25=40000(1+\frac{10}{2\times 100})^{2\times t}$

$\frac{48620.25}{40000}=(1+0.05)^{2\times t}$

$1.21550625=(1.05)^{2t}$

Taking log both side,

$\log (1.21550625)=2t \log (1.05)$

$2t=\frac{\log (1.21550625)}{\log (1.05)}$

$2t=4$

$t=\frac{4}{2}$

$t=2$

Therefore, the time take will be 2 years.

​#Learn more

Find interest and amount on ₹ 15500 for 2 years at 9 p.c.p.a

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