In how much time will Rs 4,000 amount to
Rs 4,630.50 when the interest is compounded
annually at the rate of 5% per annum.
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Answer: Time period is 3 years.
Step-by-step explanation:
Amount = Rs. 4630.50
Principal = Rs. 4000
Rate = 5% p.a.
Time = ?
• Formula for Amount of CI is :
Amount = P * ( 1 + r/100) raise to t
4630.50 = 4000* (1 + 5/100)
463050/10 = 4000 * (1 + 5/100)
9261/2 = 4000 * (1 + 1/20)
9261/2*4000 = (20 + 1/20)
9261/8000 = (21/20)
(21/20) res to 3 = (21/20) [ first number res to3 and second one is res to t]
t = 3 [ bases are same , equate the p yearsowers ]
Hence , Time period is 3 years .
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[ NOTE : 21/20 is res to 3 ]
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