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CBSE Class 8 Answered

milind deposited rs 64000 in a savings scheme which fetches him interest at the rate of 71/2% compounded annually.after how many years will this sum amount to rs 79507?
Asked by sanghyasingh90 | 14 Oct, 2019, 01:42: PM
answered-by-expert Expert Answer
According to the question,
P = Rs. 64,000, r = 7.5% p.a. A = Rs. 79,507
A = P(1 + r)n
64,000(1 + 0.075)n = 79,507
1.075n = 1.2423
1.0753 = 1.2423
n = 3 years
After 3 years this sum Rs. 64,000 will amount to Rs. 79507.
Answered by Sneha shidid | 14 Oct, 2019, 01:51: PM

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