In what time will Rs 1000 amount to Rs 1331 at 10% per annum, compound interest?
Solution
Let the time be n years.
Then,
\[A = P \left( 1 + \frac{10}{100} \right)^n \]
\[1, 331 = 1, 000 \left( 1 + \frac{10}{100} \right)^n \]
\[ \left( 1 . 1 \right)^n = \frac{1, 331}{1, 000}\]
\[ \left( 1 . 1 \right)^n = 1 . 331\]
\[ \left( 1 . 1 \right)^n = \left( 1 . 1 \right)^3 \]
On comparing both the sides, we
get:
n = 3
Thus, the required time is three years.
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The compound interest on a certain sum of money at 21% for 2 years is ₹9,282. Its simple interest (in ₹) at the same rate and for the same period is:
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₹4,000 is given at 5% per annum for one year and interest is compounded half yearly. ₹2,000 is given at 40% per annum compounded quarterly for 1 year. The total interest received is nearest to:
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Ram deposited an amount of ₹ 8,000 in a bank’s savings account with interest 6.5% compounded monthly. What amount will he get at the end of 18 months?
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The difference between the compound interest and simple interest on ₹ x at 9% per annum for 2 years is ₹20.25. What is the value of x ?
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In what time will Rs 1000 amou...
Updated On: 27-06-2022
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Text Solution
Answer : 3 years.
Answer
Step by step solution by experts to help you in doubt clearance & scoring excellent marks in exams.
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