Question

In how many years will Rs.$7000$ amount Rs.$9317$ at $10\%$ annum compound interest

Answer 1

We have,

$A=Rs.9317,P=Rs.7000,R=10\%,T=?$

We know that

$A=P{(1+\frac{R}{100})}^T$

$9317=7000{(1+\frac{10}{100})}^T$

${(1+\frac{1}{10})}^T=1.331$

${\left(1.1\right)}^T=1.331$

${\left(1.1\right)}^T=(1.1{)}^3$

$\therefore T=3years$