Question

Milind deposited 64,000 Rs in a savings scheme which fetches him interest at the rate of 7.5% compounded annually. After how many years will this sum amount to 79,507 Rs?​

Answer 1

Answer:

3 years

Step-by-step explanation:

Given, principle=₹64, 000

Amount=₹79507

rate of interest=7.5% C. I.

time(n) =?

we know,

Amount = principle(1+r/100) ^n

Or, 79507=64000(1+7.5/100) ^n

Or, 79507/64000 = (1+75/1000) ^n

Or, (43/40)^3=(1+3/40) ^n

Or, (43/40)^3=(43/40) ^n

comparing both sides, we get

n=3

Therefore, required time= 3 years