Question

in how much time will a sum of Rs 1600 amount to Rs 1852.20 5% per annum compound interest

Answer 1

Given A = 1852.20, P = 1600, R = 5%.

We know that A = P(1 + r/100)^n

                        1852.20 = 1600(1 + 5/100)^n

                        1852.20 = 1600(105/100)^n

                        1852.20 = 1600(1.05)^n

                        1852.20/1600 = (1.05)^n

                        1.157625 = (1.05)^n

                        (1.05)^3 = (1.05)^n

                          n = 3.


Therefore in 3 years the rupees 1600 amount to rupees 1852.20 at 5% P.A.


Hope this helps!

Answer 2

Answer: After 3 years, the sum will amount to Rs. 1852.20.

Step-by-step explanation:

Since we have given that

Principal = Rs. 1600

Amount = Rs. 1852.20

Rate of interest = 5% p.a.

We need to find the time using compounded annually formula.

So, it becomes,

$1852.20=1600(1+\dfrac{5}{100})^n\\\\\dfrac{1852.20}{1600}=(1+0.05)^n\\\\1.157625=(1.05)^n\\\\1.05^3=1.05^n\\\\n=3$

Hence, After 3 years, the sum will amount to Rs. 1852.20.