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In how many years will Rs 2,000 yield Rs 662 as compound interest at 10% per annum compounded annually?
- a)3
- b)2
- c)4
- d)5
Correct answer is option 'A'. Can you explain this answer?
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In how many years will Rs 2,000 yield Rs 662 as compound interest at ...
Compound interest in 1 year compounded quarterly = Then, rate =(R)% per year time =(n) quarters, = P x (1 + (R/100))n - P
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n = 3 years
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In how many years will Rs 2,000 yield Rs 662 as compound interest at ...
Solution:
Given, Principal amount (P) = Rs 2,000, Total amount (A) = Rs 662, Rate of interest (R) = 10% per annum compounded annually.
Let the time period (in years) be 't'.
Using the formula for compound interest, we have:
A = P(1 + R/100)^t
Substituting the given values, we get:
662 = 2,000(1 + 10/100)^t
662/2,000 = (11/10)^t
Taking log on both sides, we get:
log(662/2,000) = t*log(11/10)
t = log(662/2,000)/log(11/10)
t ≈ 2.998
Therefore, the time period required for Rs 2,000 to yield Rs 662 as compound interest at 10% per annum compounded annually is approximately 3 years.
Hence, the correct answer is option 'A'.
Given, Principal amount (P) = Rs 2,000, Total amount (A) = Rs 662, Rate of interest (R) = 10% per annum compounded annually.
Let the time period (in years) be 't'.
Using the formula for compound interest, we have:
A = P(1 + R/100)^t
Substituting the given values, we get:
662 = 2,000(1 + 10/100)^t
662/2,000 = (11/10)^t
Taking log on both sides, we get:
log(662/2,000) = t*log(11/10)
t = log(662/2,000)/log(11/10)
t ≈ 2.998
Therefore, the time period required for Rs 2,000 to yield Rs 662 as compound interest at 10% per annum compounded annually is approximately 3 years.
Hence, the correct answer is option 'A'.
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In how many years will Rs 2,000 yield Rs 662 as compound interest at 10% per annum compounded annually?a)3b)2c)4d)5Correct answer is option 'A'. Can you explain this answer?
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