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In what time will Rs. 800 amount to Rs,. 88 2. At 5% per annum compounded annually?
- a)2 years
- b)2.5 years
- c)3 years
- d)4 years
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
In what time will Rs. 800 amount to Rs,. 88 2. At 5% per annum compoun...
Here 
882 = 800
882 = 800
Most Upvoted Answer
In what time will Rs. 800 amount to Rs,. 88 2. At 5% per annum compoun...
Solution:
Given, Principal amount (P) = Rs. 800
Amount (A) = Rs. 882
Rate of interest (R) = 5% per annum
Time (T) = ?
Formula used:
Amount (A) = P(1 + R/100)^T
Where,
P = Principal amount
R = Rate of interest
T = Time
Calculation:
Using the above formula, we have
A = P(1 + R/100)^T
882 = 800(1 + 5/100)^T
Dividing both sides by 800, we get
(1 + 5/100)^T = 882/800
(1 + 0.05)^T = 1.1025
Taking log on both sides, we get
T log(1.05) = log(1.1025)
T = log(1.1025)/log(1.05)
T = 2 years (approx.)
Therefore, the time taken for Rs. 800 to amount to Rs. 882 at 5% per annum compounded annually is 2 years.
Answer: (a) 2 years
Given, Principal amount (P) = Rs. 800
Amount (A) = Rs. 882
Rate of interest (R) = 5% per annum
Time (T) = ?
Formula used:
Amount (A) = P(1 + R/100)^T
Where,
P = Principal amount
R = Rate of interest
T = Time
Calculation:
Using the above formula, we have
A = P(1 + R/100)^T
882 = 800(1 + 5/100)^T
Dividing both sides by 800, we get
(1 + 5/100)^T = 882/800
(1 + 0.05)^T = 1.1025
Taking log on both sides, we get
T log(1.05) = log(1.1025)
T = log(1.1025)/log(1.05)
T = 2 years (approx.)
Therefore, the time taken for Rs. 800 to amount to Rs. 882 at 5% per annum compounded annually is 2 years.
Answer: (a) 2 years
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