Question

In what time if ₹8000 lent at c.i at 20% amount to ₹605 at 10% per annum at compound interest?​

Answer 1

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Maths

Comparing Quantities

Compound Interest

In what time will Rs. 8,000...

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Asked on January 17, 2020 by

Naveen Kuruvila

In what time will Rs. 8,000 amount to Rs. 8,820 at 10% p.a. interest compounded half-yearly?

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ANSWER

Interest rate per conversion period,

2

10%

=5%=0.05

Principal(P)=Rs.8,000

Amount(A

n

)=Rs.8,820

A

n

=P(I+i)n

8,820=8,000(1+0.05)

n

8,820/8,000=(1+0.05)

n

1.1025=(1.05)

n

(1.05)2=(1.05)

n

n=2; Hence number of conversion period is 2 and the required time =

2

n

=

2

2

=1 year