LIVE Course for free

Rated by 1 million+ students
Get app now
JEE MAIN 2023
JEE MAIN 2023 TEST SERIES
NEET 2023 TEST SERIES
NEET 2023
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
489 views
in Compound Interest by (32.2k points)
closed by

In how many years will Rs. 6250 amount to Rs. 7290 at 8% per annum, compounded annually?

1 Answer

+1 vote
by (32.4k points)
selected by
 
Best answer

Let time = n years 

P = Rs.6250 

A = Rs.7290 

R = 8% 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 

⇒ 7290 = 6250 (1 + 8/100)n 

⇒ (1 + 2/25)n = 7290/6250 

⇒ (27/25)n = 729/625 

⇒ (27/25)n = (27/25)2 

⇒ n = 2 

∴ Time = 2 years.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...