In what time will rupees 1500 rupees 49 6.50 as compound interest at 10% per annum compounded annually?

Question 24 Compound Interest Exercise 2.2

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Answer:

(i) It is given that

Principal (P) = ₹ 1500

CI = ₹ 496.50

So the amount (A) = P + SI

Substituting the values

= 1500 + 496.50

= ₹ 1996.50

Rate (r) = 10% p.a.

We know that

Here Time n = 3 years

(ii) It is given that

Principal (P) = ₹ 12500

CI = ₹ 3246.40

So the amount (A) = P + CI

Substituting the values

= 12500 + 3246.40

= ₹ 15746.40

Rate (r) = 8% p.a.

We know that

By further calculation

Here Period = 3 years

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In what time will Rs. 1500 yield Rs. 496.50 as compound interest at 10% per annum compounded annually?

Given P = Rs. 1500, I = 496.50, R = 10%

A = P+I

⇒ A =Rs. 1500+Rs. 496.50=Rs. 1996.50

`A = P(1 + R/100)^n`

`=> 1996.50 = 1500 (1 + 10/100)^n`

`=> 1996.50/1500 = (1 +1/10)^n`

`=> 1.331 = (1.1)^n`

`=> (1.1)^3 = (1.1)^n`

`=> n = 3`

Concept: Concept of Compound Interest - Use of Compound Interest in Computing Amount Over a Period of 2 Or 3-years

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