Question

In what time sum of 2000 will become ? 2420, if the interest rate is 10%, compounded annually.​

Answer 1

Answer:

Given,

P = Rs 2000

A = Rs 2420

R= 10 %

A= P(1+ R/100)

2420 = 2000(1+10/100)^n

⇒2420/2000 = (11/10)^n

⇒121/100 = (11/10)^n

⇒(11/10)²= (11/10)^n

⇒n=2

In 2 years rupees 2000 will amount to

rupees 2420 at 10% per annum

compound interest.

Explanation:

$Hope \: it \: helps.$