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Formula for CI

An account ea...

Question

An account earns $7$ percent interest that is compounded annually. If 400 $w e r e i n v e s t e d i n t h e a c c o u n t f o r$ x $y e a r s, f i n d t h e s m a l l e s t p o s s i b l e i n t e g r a l v a l u e o f$ x $s u c h t h a t a t t h e e n d o f$ x $y e a r s, t h e a m o u n t i n t h e a c c o u n t w i l l b e a t l e a s t$ 3$ times the initial investment.

14

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15

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16

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17

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Solution

The correct option is D $17$
Given, amount invest is $$ 400$ at $7 %$ per year
Let amount $3$ times in $x$ years
$∴ 1200 = 400 {(1 + \frac{7}{100})}^{x}$
$\Rightarrow 3 = {(\frac{107}{100})}^{x}$
$\Rightarrow x = 17$

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