Question
Download Solution PDFIn how many years will a sum of Rs. 12,000 become Rs. 14,520 at a rate of 10% per annum on compound interest, compounded annually?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹12,000
Amount (A) = ₹14,520
Rate (r) = 10% per annum
Formula used:
A = P(1 + \(\frac{r}{100}\))t
Calculations:
14,520 = 12,000(1 + \(\frac{10}{100}\))t
⇒ \(\frac{14,520}{12,000}\) = (1 + \(\frac{10}{100}\))t
⇒ 1.21 = (1.1)t
⇒ 1.12 = (1.1)t
⇒ t = 2
∴ The correct answer is option (1).
Last updated on Jun 30, 2025
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