In how many years will ₹ 2,000 yield ₹ 662 as | vedclass

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

Question

(A) Given:Principal $(P)$ = ₹ $2,000$Compound Interest $(C.I.)$ = ₹ $662$Rate $(r)$ = $10 \%$ per annumTime $(n)$ = ?The formula for compound interest

Vedclass · Accepted Answer

$3$

Vedclass · Answer

(A) Given:Principal $(P)$ = ₹ $2,000$Compound Interest $(C.I.)$ = ₹ $662$Rate $(r)$ = $10 \%$ per annumTime $(n)$ = ?The formula for compound interest is:$C.I. = P \left[ \left( 1 + \frac{r}{100} \right)^n - 1 \right]$Substituting the given values:$662 = 2000 \left[ \left( 1 + \frac{10}{100} \right)^n - 1 \right]$$662 = 2000 \left[ (1.1)^n - 1 \right]$$\frac{662}{2000} = (1.1)^n - 1$$0.331 = (1.1)^n - 1$$1.331 = (1.1)^n$Since $(1.1)^3 = 1.331$,we have:$(1.1)^3 = (1.1)^n$Therefore,$n = 3$ years.

In how many years will ₹ $2,000$ yield ₹ $662$ as compound interest at $10 \%$ per annum compounded annually?

Similar Questions

Find the compound interest (in ₹) on ₹ $15625$ for $9$ months at $16 \%$ per annum compounded quarterly.

What would be the $C.I.$ on $Rs. 17500$ at the rate of $12$ $p.c.p.a.$ after $2$ years (in $Rs.$)?

What is the rate of interest (in $\%$) if simple interest earned on a certain sum for the $3^{rd}$ year is $₹ 2,000$ and compound interest earned in $2$ years is $₹ 4,160$?

The difference between simple interest and compound interest compounded annually on a certain sum of money for $2$ years at $4 \%$ per annum is ₹ $1$. The sum (in ₹) is

Divide $Rs. 2602$ between $X$ and $Y$,so that the amount of $X$ after $7 \,yr$ is equal to the amount of $Y$ after $9 \,yr$,the interest being compounded at $4 \%$ per annum.

Vedclass Test Series

Exam Paper Generator

Online Exam Module