Question

In what time will a sum of ₹2,00,000amount to ₹2,31,525at 5% compound interest.

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Follow this Example

Step-by-step explanation:

Let the time = n years

Principle = 15000 Final amount = 24000

Half-yearly Interest rate = 5/2 = 2.5% = 0.025

Interest paying period = 2 * n = 2n

So, 24000 = 15000 * (1 + 0.025)^2n

Or, 1.025^2n = 24000/15000 = 1.6

Or, taking log on both sides,

2n log 1.025 = log 1.6

Or, n = (log 1.6 / log 1.025) * (1/2)

Or, n = 9.52 years Ans