Question

In how much time would₹5000 amount to ₹6655 at 10% per annum compound interest?

Answer 1

Answer:

3 years

Step-by-step explanation:

using formula of compound interest for amount

5000(1+10/100)^t = 6655

After calculation, you will get

(11/10)^t = 1331/1000   (Now, cube of 11 is 1331)

therefore, (11/10) ^t = (11/10) ^3

that gives required time 3 years

Answer 2

$\huge\boxed{\texttt{\fcolorbox{red}{aqua}{Hey Mate!!!}}}$

P = Rs 5000
A = Rs 6655
R = 10% p.a

As we know the formula

A = P(1+R/100)^n
$6655 = 5000(1 + \frac{10}{100} ) {}^{n} \\ \frac{6655}{5000} = (1 + \frac{1}{10} ) {}^{n} \\ \frac{1331}{1000} = ( \frac{10 + 1}{10} ) {}^{n} \\ ( \frac{11}{10} ) {}^{3} = ( \frac{11}{10} ) {}^{n} \\ as \: same \: base \: so \: power \: is \: same \: \\ 3 = n \\ n = 3$
Therefore Time is 3 years


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