Question

In how many years will $Rs.8800$ amount to $Rs.10,648$ at $10$ compounded annully?

Answer 1

Amount$=$Rs. $10648$

Principle$=$Rs. $8800$

Interest$=10648-8800$

$=1848$

Rate$=10$

$I=\frac{PRT}{100}$

$1848=\frac{8800\times 10\times T}{100}$

$T=\frac{1848}{880}$

$T=2.1$years.