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In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually?
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In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when...
2178 = 1800(1+10/100)^n (The formula is P(1+r/100)^n)
2178/1800 = (1+10/100)^n
121/100 = (11/10)^n
(11/10)^2 = (11/10)^n
n = 2.
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In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when...
Calculating the number of years for the amount to grow
- Given that the principal amount (P) is Rs 1800, the final amount (A) is Rs 2178, and the rate of interest (R) is 10%.
- The formula for compound interest is A = P(1 + R/100)^n, where n is the number of years.
- Substituting the values, we get 2178 = 1800(1 + 10/100)^n.
Solving the equation for n
- Divide both sides by 1800 to isolate the term (1 + 10/100)^n, giving 2178/1800 = (1 + 0.1)^n.
- Simplify the equation to get 1.21 = 1.1^n.
- To find the value of n, take the natural logarithm of both sides: ln(1.21) = ln(1.1^n).
- Using the property of logarithms, n * ln(1.1) = ln(1.21).
- Divide by ln(1.1) to solve for n: n = ln(1.21) / ln(1.1).
Calculating the value of n
- Using a calculator to find the natural logarithm of 1.21 and 1.1, we get n ≈ 2.08 years.
- Therefore, it will take approximately 2.08 years for Rs 1800 to grow to Rs 2178 at a rate of 10% per annum when compounded annually.
Community Answer
In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when...
Right ans is 2 years
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In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually?
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In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually?.
In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually?.
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