Request a call back

Join NOW to get access to exclusive study material for best results

ICSE Class 7 Answered

in how many years will rs. 870 amount to rs1044 the rate of interest being 2 and half pa
Asked by shirdhankarc | 19 Jan, 2019, 07:07: PM
answered-by-expert Expert Answer
We know the amount A for  a principle P with rate of interest r% for a period of n years,
when interest is compounded  :     A = p [ 1+ (r/100) ]n
 
hence,  we have  870×[ 1 + (2/100) ]n = 1044
 
(1.02)n = 1044/870 = 1.2
 
we get n from the above expression by using logarithm :  n = log(1.2) / log (1.02) = 7.38
 
Hence the required period is approximately 7 years 5 months
Answered by Thiyagarajan K | 22 Jan, 2019, 08:03: AM
ICSE 7 - Maths
Asked by muskanjais0724 | 27 Mar, 2024, 11:25: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by srilatha24latha | 25 Mar, 2024, 08:10: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by ksrijyothi434 | 10 Mar, 2024, 09:49: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by arorahimanshi88 | 10 Mar, 2024, 03:37: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by bhaskhar9043 | 03 Mar, 2024, 01:16: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by sotorupa21 | 23 Feb, 2024, 11:39: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by miloni77 | 22 Feb, 2024, 05:38: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by ashish041081 | 22 Feb, 2024, 12:48: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by duttasubin | 21 Feb, 2024, 07:34: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
ICSE 7 - Maths
Asked by renurajawat01234 | 07 Feb, 2024, 04:22: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
Get Latest Study Material for Academic year 24-25 Click here
×