Question

Send FeedbackAman invested 1000 rupees compounded yearlystarting in the year 2018 and it increased to 2000 atthe end of the year 2021. In what year will Aman'smoney increase to 8000?​

Answer 1

Answer:

2039 is the answer for the question

Answer 2

Answer:

Aman's invested money will increase from ₹1000 to ₹8000 in the year 2042.

Explanation:

Compund interest is the addition of interest on a principal amount deposited or loaned in a given number of months ,years or decades. The interest is calculated on the basis of the initial principal amount and also the accumulated interested from all previous time periods.

It's given in the question that increment in,

$3 \: year = 1000 \: rupees$

So increment in,

$3 \times x \: years = 8000 \: rupees$

Since,

$1000 \: rupees\times 8 = 8000 \: rupees$

Therefore,

$3 \times 8 \: years = 8000 \: rupees$

Hence increment in,

$24 \: years = 8000 \: rupees$

Conclusion:

Since, Aman invested his initial deposit of ₹1000 in the year 2018 and it will take take 24 years for his money to increase to ₹8000.

Therefore,

Aman's investment money will increase from ₹1000 to ₹8000 in the year 2042.