Question

In what time will rs 64000 amount to rs 88360 at 17.5 per annum interest being compounded annually

Answer 1

Answer:

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Answer 2

Given,

Principal amount = Rs 64000

Future amount = Rs 88360

Rate of interest compounded annually = 17.5

To Find,

The time period =?

Solution,

We can solve the question as follows:

To find the time period we use the formula,

$A = P ( 1 + \frac{R}{100} )^{n}$

Here, $A =$ Future amount

          $P =$ Principal amount

          $R =$ Rate of interest

           $n =$ Time period in years

Substituting the given values in the above formula,

$88360 = 64000(1 + \frac{17.5}{100} )^{n}$

$\frac{88360}{64000} = (1 + \frac{17.5}{100}) ^{n}$

$\frac{88360}{64000} = (\frac{117.5}{100}) ^{n}$

$\frac{88360}{64000} = (\frac{1175}{1000}) ^{n}$

$\frac{8836}{6400} = (\frac{1175}{1000}) ^{n}$

Since the square of 94 and 80 are 8836 and 6400 respectively,

$(\frac{94}{80} )^{2} = (1.175)^{n}$

$(1.175)^{2} = (1.175)^{n}$

Since the bases are equal, we can equate the powers.

Thus,

$n = 2$

Hence, the time period is 2 years.