A certain amount of money deposited for compound interest, becomes 3 times in 3 years. In how many years will that amount be 27 times the deposited amount if it is given for the same rate of interest?

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Solution

The correct option is A 9
$A = 3 P$
For $t = 3$
So, $3 P = P (1 + \frac{R}{100})^{3} ⟹ R = (3^{2 / 3} - 1) 100$
Now, new amount $= 27 P$
So, $27 P = P (1 + \frac{R}{100})^{t}$
So, $⟹ 27 P = P (1 + \frac{(3^{2 / 3} - 1) 100}{100})^{t}$
$⟹ t = 9$ years

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A certain amount of money deposited for compound interest, becomes 3 times in 3 years. In how many years will that amount be 27 times the deposited amount if it is given for the same rate of interest?

The correct option is A 9A=3PFor t=3So, 3P=P(1+R100)3⟹R=(32/3−1)100Now, new amount =27PSo, 27P=P(1+R100)tSo, ⟹27P=P(1+(32/3−1)100100)t⟹t=9 years

The correct option is A 9
$A = 3 P$
For $t = 3$
So, $3 P = P (1 + \frac{R}{100})^{3} ⟹ R = (3^{2 / 3} - 1) 100$
Now, new amount $= 27 P$
So, $27 P = P (1 + \frac{R}{100})^{t}$
So, $⟹ 27 P = P (1 + \frac{(3^{2 / 3} - 1) 100}{100})^{t}$
$⟹ t = 9$ years