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in Compound Interest by (30.8k points)
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In how many years will Rs. 1800 amount to Rs. 2178 at 10% per annum when compounded annually?

1 Answer

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Best answer

Let time = n years 

P = Rs.1800 

A = Rs.2178 

R = 10% per annum 

Now, 

Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest 

P = Present value 

R = Annual interest rate 

n = Time in years] 

∴ A = P (1 + R/100)n 

⇒ 2178 = 1800 (1 + 10/100)n 

⇒ (1 + 1/10)n = 2178/1800 

⇒ (11/10)n = 121/100 

⇒ (11/10)n = (11/10)2 

⇒ n = 2 

∴ Time = 2 years.

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