CBSE Class 8 Answered
Find fastest period of time Taken to triple a certain sum of money at 10% compound interest compounded yearly
Asked by saumyasinghal234 | 22 Nov, 2018, 06:13: AM
Expert Answer
for compound interest, Amount A after n years if rate of innterest is r% per year, A = p[ 1+ (r/100) ]n .....(1)
it is given A = 3p and r = 10%;
hence [ 1 +(10/100) ]n = 1.1n = 3
n log(1.1) = log (3) ;
n = log(3) / log(1.1) ≈ 11.5 years
Answered by Thiyagarajan K | 22 Nov, 2018, 01:48: PM
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