Question

In how much time would Rs. 5000 amount to Rs. 6655 at 10% per annum compound interest?

Answer 1

Given, 

Principal = Rs.5000 

Rate = 10% 

Amount = Rs.6655 

Let time = T years 

So,

\({A}-{P}[({1}+\frac{R}{100})^T]\)

\(={5000}[({1}+\frac{10}{100})^T]\) = 6655

\(=(\frac{11}{10})^T\) \(=(\frac{11}{10})^3\)

= T= 3 years 

Hence, 

Time = 3 years.