Question

In what time will Rs.2000 amount to Rs.2662 at 20% pe annum compounded half yearly??

Answer 1

see the attached file

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Answer 2

Answer: It takes $1\dfrac{1}{2}$ years .

Step-by-step explanation:

Since we have given that

Principal amount = $2000

Amount = $2662

Rate of interest compounded half yearly = 20%

As we know the formula of "Compound interest":

$A=P(1+\dfrac{r}{200})^{2n}\\\\2662=2000(1+\dfrac{20}{200})^{2n}\\\\\dfrac{2662}{2000}=(1+\dfrac{1}{10})^{2n}\\\\\dfrac{1331}{1000}=(\dfrac{11}{10})^{2n}\\\\(\dfrac{11}{10})^3=(\dfrac{11}{10})^{2n}\\\\2n=3\\\\n=\dfrac{3}{2}=1\dfrac{1}{2}\ yrs$

Hence, it takes $1\dfrac{1}{2}$ years .