Question
Download Solution PDFSuman invested a sum of Rs. 20,000 at 10% per annum compound interest. If she received an amount of Rs. 26,620 after n years, the value of n is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 20,000
Rate of Interest (R) = 10% per annum
Amount = Rs. 26,620
Time = n years
Formula used:
Amount = Principal × {1 + \(\frac{R}{100}\)}Time
Calculation:
According to the question,
Amount = Principal × {1 + \(\frac{R}{100}\)}Time
⇒ 26,620 = 20,000 × {1 + \(\frac{10}{100}\)}n
⇒ \(\frac{26,620}{20,000}\) = {1 + \(\frac{1}{10}\)}n
⇒ \(\frac{1331}{1000}\) = {\(\frac{11}{10}\)}n
⇒ (\(\frac{11}{10}\))³ = (\(\frac{11}{10}\))n
⇒ n = 3
Hence, The required value of n years is 3 years.
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