Question

the interest on a sum of rupees 2,000 is being being compounded annually at the rate of 4% per annum find the period for which the compound interest on rupees 16 3.20​

Answer 1

Answer:

Time required is 2years.

Step-by-step explanation:

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.

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