Question
Download Solution PDFThe compound interest, compounded annually, on Rs. 30,000 at 9% per annum is Rs. 5,643. The time period (in years) is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = Rs. 30,000,
Compound Interest (CI) = Rs. 5,643
Concept:
A = CI + P
A/P = (1 +r/100)n
Solution:
A/P = (1 +r/100)n
⇒ 35643/30000 = [(1 + 9/100)n
⇒ 11881/10000 = [(109/100)n
⇒ (109/100)2 = (109/100)n
⇒ n = 2 years
Hence, the time period is 2 years
Last updated on Jul 8, 2025
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