Question

Pallavi deposited Rs 46875 in bank.In how many years will the sum yield a compound interest of Rs 5853 at rate of 8 percent compounded annually

Answer 1

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

Answer: It can yield Rs 5853 in 1.53 years.

Answer 2

HEY MATE HERE IS YOUR ANSWER

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Principal :- Rs. 46875

Compound interest :- Rs. 5853

Interest rate :- 8%


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Total amount = 46875 + 5853 = Rs 52728

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To find the years needed :

➡️ A = p(1 +r/100)^t

➡️ 52728 = 46875( 1 + 8/100)^t

➡️ 1.08 t = 52728 ÷ 46875

➡️ 1.08 t = 1.125

➡️ t log 1.08 = log 1.125

➡️ n = log 1.125 / log 1.08

➡️ n = 1.53 years

➡️ $\huge {\boxed {n = 1.53 years}}$

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Hope it will help you

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