the compound interst on ₹ 1060 for a certain period at 6% is ₹ 630.find the period
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15
Answer:
Step-by-step explanation:
Let P be the principal amount invested at the beginning of n periods, I be the interest rates and A the accumulated amount at the end of n periods then the compound interest accumulation formula is given as :
A = P(1 + I) ^n
Interest = A - P
Doing the substitution we have :
A = 1060(1.06)^n
1060(1.06)^n - 1060 = 630
1060(1.06)^n = 1690
(1.06)^n = 1690/1060
(1.06)^n = 1.5943
Taking logarithm on both sides we have :
n log 1.06 = log 1.5943
n = log 1.5943 / log 1.06
n = 8.00
= 8 years.
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1
Answer:
Step-by-step explanation:
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