Lalit invests 4000 at 10% per annum compounded
half-yearly for a certain time period. At the end of
this period, his investment amounts to 4410. Find
the time for which Lalit had invested his money.
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Step-by-step explanation:
principle of lalit=4000
rate of interest when compounded yearly=10%
rate of interest when compounded half yearly=10/2=5%
amount at the end of certain time period=4410
let the time period be t,
A=P(1+r/100)^t
4410=4000(1+5/100)^t
4410/4000=(1+1/20)^t
441/400=(21/20)^t
(21/20)^2=(21/20)^t
2=t
t=2
therefore the time for which lalit invested his money was 2 years
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