A sum of money at compound interest amounts t | vedclass

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

Question

(C) The formula for compound interest is $A = P(1 + \frac{R}{100})^T$,where $A$ is the amount,$P$ is the principal,$R$ is the rate of interest,and $T$

Vedclass · Accepted Answer

$6$

Vedclass · Answer

(C) The formula for compound interest is $A = P(1 + \frac{R}{100})^T$,where $A$ is the amount,$P$ is the principal,$R$ is the rate of interest,and $T$ is the time in years.Given that the sum becomes thrice itself in $3$ years,we have $3P = P(1 + \frac{R}{100})^3$,which simplifies to $3 = (1 + \frac{R}{100})^3$.We want to find the time $T$ such that the sum becomes $9$ times itself,so $9P = P(1 + \frac{R}{100})^T$,which simplifies to $9 = (1 + \frac{R}{100})^T$.Since $9 = 3^2$,we can substitute the first equation into this: $9 = ((1 + \frac{R}{100})^3)^2 = (1 + \frac{R}{100})^6$.Comparing the exponents,we get $T = 6$ years.

$A$ sum of money at compound interest amounts to thrice itself in $3$ years. In how many years will it be $9$ times itself?

Similar Questions

$A$ certain sum of money invested at compound interest becomes $1.44$ times of itself in $2$ years. If twice this sum were lent at simple interest, in how many years would it double itself?

The difference between the compound interest and the simple interest accrued on an amount of ₹ $18000$ in $2$ years was ₹ $405$. What was the rate of interest per cent per annum?

The least number of complete years in which a sum of money put out at $20 \%$ compound interest will be more than doubled is

If the ratio of $C.I.$ and $S.I.$ interest for the same principal and rate of interest for $2$ years is $1.2,$ find the rate of interest (in $\%$).

Vedclass Test Series

Exam Paper Generator

Online Exam Module