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Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?
- a)3
- b)2
- c)4
- d)2.5
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Raghu deposits Rs. 2000 in a bank which gives him a compound interest ...
So the answer is option B.
Most Upvoted Answer
Raghu deposits Rs. 2000 in a bank which gives him a compound interest ...
Total Amount Calculation
Raghu deposits Rs. 2000 at a compound interest rate of 10% per annum. The total amount he receives after a certain number of years is Rs. 2662. We need to determine how many years he kept the money in the bank.
Understanding Compound Interest
The formula for compound interest is:
Total Amount = Principal * (1 + Rate/100)^Time
Where:
- Principal = Initial amount (Rs. 2000)
- Rate = Interest rate per annum (10%)
- Time = Number of years
Setting Up the Equation
Plugging in the values we have:
2662 = 2000 * (1 + 10/100)^Time
This simplifies to:
2662 = 2000 * (1.1)^Time
Solving for Time
Now, divide both sides by 2000:
1.331 = (1.1)^Time
Next, we’ll find the value of Time by using logarithms or trial and error.
Calculating Time
- If Time = 1:
(1.1)^1 = 1.1 (too low)
- If Time = 2:
(1.1)^2 = 1.21 (still low)
- If Time = 3:
(1.1)^3 = 1.331 (matches exactly)
Thus, the number of years Raghu deposited the money is 3.
Conclusion
The correct answer is option 'A', which states that Raghu deposited the money for 3 years.
Raghu deposits Rs. 2000 at a compound interest rate of 10% per annum. The total amount he receives after a certain number of years is Rs. 2662. We need to determine how many years he kept the money in the bank.
Understanding Compound Interest
The formula for compound interest is:
Total Amount = Principal * (1 + Rate/100)^Time
Where:
- Principal = Initial amount (Rs. 2000)
- Rate = Interest rate per annum (10%)
- Time = Number of years
Setting Up the Equation
Plugging in the values we have:
2662 = 2000 * (1 + 10/100)^Time
This simplifies to:
2662 = 2000 * (1.1)^Time
Solving for Time
Now, divide both sides by 2000:
1.331 = (1.1)^Time
Next, we’ll find the value of Time by using logarithms or trial and error.
Calculating Time
- If Time = 1:
(1.1)^1 = 1.1 (too low)
- If Time = 2:
(1.1)^2 = 1.21 (still low)
- If Time = 3:
(1.1)^3 = 1.331 (matches exactly)
Thus, the number of years Raghu deposited the money is 3.
Conclusion
The correct answer is option 'A', which states that Raghu deposited the money for 3 years.
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Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer?
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Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer?.
Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer?.
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Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Raghu deposits Rs. 2000 in a bank which gives him a compound interest at 10% p.a. The total amount he receives is Rs. 2662. What is the number of years he deposited the money?a)3b)2c)4d)2.5Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
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