Question

Q3) In what time will Rs. 7000 yield Rs. 2317 as compound interest at 10% per annum compounded annually.

Answer 1

Step-by-step explanation:

We have,

A=Rs.9317,P=Rs.7000,R=10%,T=?

We know that

A=P(1+100R)T

9317=7000(1+10010)T

(1+101)T=1.331

(1.1)T=1.331

(1.1)T=(1.1)3

∴T=3 years