Question

the interest of a sum of rupees 2000 is being compounded annually at the rate of 4% per annum. find the period for which the compound interest is rupees 163.20.​

Answer 1

Answer:

Rate = 4 % per annum CI = Rs 163.20 Principal (P) = Rs 2000 By using the formula, CI = P [(1 + R/100)n – 1] 163.20 = 2000[(1 + 4/100)n – 1] 163.20 = 2000 [(1.04)n -1] 163.20 = 2000 × (1.04)n – 2000 163.20 + 2000 = 2000 × (1.04)n 2163.2 = 2000 × (1.04)n (1.04)n = 2163.2/2000 (1.04)n = 1.0816 (1.04)n = (1.04)2 So on comparing both the sides, n = 2 ∴ Time required is 2years.Read more on Sarthaks.com - https://www.sarthaks.com/670522/the-interest-on-a-sum-of-rs-2000-is-being-compounded-annually-at-the-rate-of-4-per-annum

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