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
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
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