the compound interest on rs. 15000 at 10% per annum for a certain time is r.s 4965. calculate the time period
the compound interest on rs. 15000 at 10% per annum for a certain time is r.s 4965. calculate the time period
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Answer:
Required time =3 years.
Interest for the first year
=1001500×10×1
= Rs 1500
Amount after the first year = Rs 15000+1500
= Rs 16500
Interest for the second year
= 10016500×10×1
= Rs 1650
Amount after the third year
= 10018150×10×1
= Rs 1815
Final amount = Rs 18150+1815
= Rs 19965
Compound interest = Rs 19965−15000
= Rs 4965
Required time =3 years