Question

Ishu got an interest amount of Rs. 5853 on his deposit of Rs. 46,875 at an annual rate of interest was compound every six months then find the time of deposit ?

Answer 1

Answer:

Step-by-step explanation:

Principal = Rs 46875

Interest = Rs 5853

Interest rate = 8%

Find the total of the principal and Interest amount:

Total Amount = 46875 + 5853 = Rs 52728

Find the number of years needed:

A = P(1 + r/100)ⁿ

52728 = 46875 ( 1 + 8/100)ⁿ

1.08ⁿ = 52728 ÷ 46875

1.08ⁿ = 1.125

n log 1.08 = log 1.125

n = log 1.125 / log 1.08

n ≈ 1.53 years