Question

In what the time compound interest on Rs.10000 becomes Rs.10404 at 6% per annum, When the interest is compounded quarterly?

Answer 1

Step-by-step explanation:

Given In what the time compound interest on Rs.10000 becomes Rs.10404 at 6% per annum, When the interest is compounded quarterly?

• We need to find the time when the interest is compounded quarterly.
• So we have  
•         A = 10404
•         P = 10000  
•         r = 6%
•                          A = P (1 + r / 4/100)^n
•                          A = P(1 + r/400)^n
•                     10404 = 10000 (1 + 6 / 400)^n
•                     10404 / 10000 = (406 / 400)^n
•                      1.0404 = (1.015)^n
•                 Taking log on both sides we have
•                   log (1.0404) = n log 1.015
•                            n = log 1.0404 / log 1.015
•                                   = 0.0172 / 0.00646
•                                    = 2.66
•                Or n = 2.6 years

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Answer 2

Answer:

Step-by-step explanation:

Given In what the time compound interest on Rs.10000 becomes Rs.10404 at 6% per annum, When the interest is compounded quarterly?

We need to find the time when the interest is compounded quarterly.

So we have  

       A = 10404

       P = 10000  

       r = 6%

                        A = P (1 + r / 4/100)^n

                        A = P(1 + r/400)^n

                   10404 = 10000 (1 + 6 / 400)^n

                   10404 / 10000 = (406 / 400)^n

                    1.0404 = (1.015)^n

               Taking log on both sides we have

                 log (1.0404) = n log 1.015

                          n = log 1.0404 / log 1.015

                                 = 0.0172 / 0.00646

                                  = 2.66

              Or n = 2.6 years

Step-by-step explanation: