A sum of ₹ 3,200 invested at 10 % per annum c | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(A) The formula for compound interest is $A = P(1 + \frac{R}{n 	imes 100})^{nt}$,where $A$ is the amount,$P$ is the principal,$R$ is the annual inter

Vedclass · Accepted Answer

$0.5$

Vedclass · Answer

(A) The formula for compound interest is $A = P(1 + \frac{R}{n 	imes 100})^{nt}$,where $A$ is the amount,$P$ is the principal,$R$ is the annual interest rate,$n$ is the number of times interest is compounded per year,and $t$ is the time in years.Given: $P = 3200$,$A = 3362$,$R = 10$,and $n = 4$ (quarterly).Substituting the values: $3362 = 3200(1 + \frac{10}{400})^{4t}$.$\frac{3362}{3200} = (1 + \frac{1}{40})^{4t}$.$\frac{1681}{1600} = (\frac{41}{40})^{4t}$.Since $41^2 = 1681$ and $40^2 = 1600$,we have $(\frac{41}{40})^2 = (\frac{41}{40})^{4t}$.Equating the exponents: $4t = 2$.Therefore,$t = \frac{2}{4} = 0.5$ years.

$A$ sum of ₹ $3,200$ invested at $10 \%$ per annum compounded quarterly amounts to ₹ $3,362$. Compute the time period (in years).

Similar Questions

If a sum of money compounded annually becomes $1.44$ times of itself in $2$ years,then the rate of interest per annum (in $\%$) is:

What will be $C.I.$ (in $Rs.$) on an amount of $Rs. 10000$ at the rate of $20$ $p.c.p.a.$ in two years if the interest rate is compounded half-yearly?

If the difference between the simple and the compound interest earned on a sum of money at the rate of $5$ $p.c.p.a.$ for $2$ $years$ is $Rs. 16$,find the principal (in $Rs.$).

$A$ tree increases annually by $\frac{1}{8}$ of its height. By how much will it increase (in $cm$) after $2$ years,if it stands today $64 \ cm$ high?

If the simple interest on a sum of money for $2$ years at $5 \%$ per annum is ₹ $50$,what is the compound interest (in ₹) on the same sum at the same rate and for the same time?

Vedclass Test Series

Exam Paper Generator

Online Exam Module