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Question

By using the formula, find the amount and compound interest on:
In how many years will Rs. 6250 amount to Rs. 7290 at 8% per annum, compounded annually ?

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Solution

Given: Principal (P) = Rs. 6250Amount (A) = Rs. 7290Rate (R)= 8% p.a.Let t be the time, then
A=(1+R100)tAP=(1+R100)t72906250=(1+8100)t72906250=(1+225)t 729625=(2725)t (2725)2=(2725)tComparing, we gett=2 Period =2 years.


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