Question

In what time will 14,580 earn 5420 as interest
___1
at 11__%p.a.,
____9
compounded annually?​

Answer 1

Answer:

P=Rs1,500

C.I.=Rs496.50

A=P+C.I.=1,500+496.50=Rs1996.50

On interest being compounded for N years,

Amount=P(1+

100

R

)

N

1996.50=1,500×(1+

100

10

)

N

1,500

1996.50

=(

10

11

)

N

1000

1331

=(

10

11

)

N

10

3

11

3

=(

10

11

)

N

=>N=3 years