Question

In what time will ₹15,625 amount to ₹21952 at 12%rate compounded annually

Answer 1

★Given:-

• Principal = ₹15,625
• Amount = ₹21,952
• Rate = 12%

★To find:-

• Time

★Solution:-

Formula for Compound interest:-

$\qquad\boxed{ \sf Amount = Principal \Bigg ( 1 + \dfrac{Rate\%}{100} \Bigg )^t}$

Using this formula,

$\implies\sf Amount = Principal \Bigg ( 1 + \dfrac{Rate\%}{100} \Bigg )^t$

$\implies\sf 21,952 =15,625 \Bigg ( 1 + \dfrac{12}{100} \Bigg )^t$

$\implies\sf 21,952 =15,625 \Bigg ( 1+ \dfrac{3}{25} \Bigg )^t$

$\implies\sf 21,952 =15,625 \Bigg ( \dfrac{25+3}{25} \Bigg )^t$

$\implies\sf 21,952 =15,625 \Bigg ( \dfrac{28}{25} \Bigg )^t$

$\implies\sf \dfrac{21,952}{15,625} = \Bigg ( \dfrac{28}{25} \Bigg )^t$

$\implies\sf\Bigg ( \dfrac{28}{25} \Bigg )^3 = \Bigg ( \dfrac{28}{25} \Bigg )^t$

$\implies\sf t=3$

Time ⇒3 years.

Hope it helps