Question

what sum of money amounts to rupees 15246 in 2 year's compounded annually at 10% per annum​

Answer 1

Answer:

Step-by-step explanation:

Let No. of Years = n

Given that

Principal amount (P) = 12600

Rate of Interest (R) = 10 %

Compound Interest (I)

= 15246 - 12600

= 2646

As per compound Interest formula

I = P ( 1+r/100)^n

2646 = 12600 (1+10/100)^n

2646/12600 = (110/100)^n

21/100 = (110/100)^n

as per trail & error method, put n=2

21/100 = (110/100)^2

21/100 = 110×110/100×100

21 = 100 for 2 years

100 ---- 110 ----- 121

we have to pay the interest for ₹100 for first year = ₹10 {100×10/100} = ₹10

we have to pay the interest for ₹110 for 2nd year = ₹21

{110×10/100} = ₹21

so no. of years = 2 years