In what time will 14,580 earn 5420 as interest
___1
at 11__%p.a.,
____9
compounded annually?
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In what time will 14,580 earn 5420 as interest
___1
at 11__%p.a.,
____9
compounded annually?
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Answer:
P=Rs1,500
C.I.=Rs496.50
A=P+C.I.=1,500+496.50=Rs1996.50
On interest being compounded for N years,
Amount=P(1+
100
R
)
N
1996.50=1,500×(1+
100
10
)
N
1,500
1996.50
=(
10
11
)
N
1000
1331
=(
10
11
)
N
10
3
11
3
=(
10
11
)
N
=>N=3 years