Rs.1,000 be invested at interest rate of 5% and interest be added to the principal every 10 years, then the number of years in which it will amount to Rs.2,000 is
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Answer:
=16 2/3 years.
Step-by-step explanation:
Principal = Rs.1000, Rate = 5%
Interest for first 10 years
=(1000×5×10)/100=Rs. 500
After 10 years principal = (1000+500)= Rs. 1500
Remaining interest =(2000−1500)= Rs.500
Required time
=500/1500×100/5=100/15=20/3= 6 2/3 years
Total time=(10+6 2/3)years
=16 2/3 years.
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