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"A one-time deposit of sum P has an interest rate of 5% per annum. If the sum amounts to 10,000 after 4 years, for how many more years will it need to be deposited in this particular bank so that it becomes 20,000?"?
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"A one-time deposit of sum P has an interest rate of 5% per annum. If ...
Calculating the number of years needed to reach 20,000
Given:
- Principal amount (P) = sum deposited initially
- Interest rate = 5% per annum
- Amount after 4 years = 10,000
Calculating the future value of the principal amount after 4 years:
Using the formula for compound interest:
A = P(1 + r/100)^n
where A is the amount, P is the principal amount, r is the interest rate, and n is the number of years
Given that A = 10,000, P = P, r = 5%, and n = 4 years
10,000 = P(1 + 0.05)^4
10,000 = P(1.05)^4
Solving for P:
P = 10,000 / (1.05)^4
P ≈ 10,000 / 1.21550625
P ≈ 8,229.08
Calculating the number of years needed to reach 20,000:
Now, we need to find out how many more years it will take for the principal amount to double from 8,229.08 to 20,000.
Using the same formula for compound interest:
20,000 = 8,229.08(1 + 0.05)^n
Solving for n:
n = log(20,000 / 8,229.08) / log(1.05)
n ≈ log(2.43) / log(1.05)
n ≈ 9.79 years
Answer:
It will take approximately 9.79 more years for the amount to reach 20,000.
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"A one-time deposit of sum P has an interest rate of 5% per annum. If the sum amounts to 10,000 after 4 years, for how many more years will it need to be deposited in this particular bank so that it becomes 20,000?"?
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"A one-time deposit of sum P has an interest rate of 5% per annum. If the sum amounts to 10,000 after 4 years, for how many more years will it need to be deposited in this particular bank so that it becomes 20,000?"? for JEE 2024 is part of JEE preparation. The Question and answers have been prepared according to the JEE exam syllabus. Information about "A one-time deposit of sum P has an interest rate of 5% per annum. If the sum amounts to 10,000 after 4 years, for how many more years will it need to be deposited in this particular bank so that it becomes 20,000?"? covers all topics & solutions for JEE 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "A one-time deposit of sum P has an interest rate of 5% per annum. If the sum amounts to 10,000 after 4 years, for how many more years will it need to be deposited in this particular bank so that it becomes 20,000?"?.
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