In how many years will a sum of ₹ 800 at 10 % | vedclass

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

Question

(B) Let the required number of years be $N$.Since the interest is compounded semi-annually,the rate per period is $r = 10 / 2 = 5 \%$ and the number o

Vedclass · Accepted Answer

$1.5$

Vedclass · Answer

(B) Let the required number of years be $N$.Since the interest is compounded semi-annually,the rate per period is $r = 10 / 2 = 5 \%$ and the number of periods is $2N$.The formula for compound interest is $A = P(1 + r/100)^n$.Substituting the given values: $926.10 = 800(1 + 5/100)^{2N}$.$926.10 = 800(1.05)^{2N}$.$(1.05)^{2N} = 926.10 / 800$.$(1.05)^{2N} = 1.157625$.We know that $(1.05)^3 = 1.157625$.Therefore,$2N = 3$.$N = 3 / 2 = 1.5$ years.

In how many years will a sum of ₹ $800$ at $10 \%$ per annum compounded semi-annually become ₹ $926.10$?

Similar Questions

What would be the $C.I.$ obtained on an amount of $Rs. 12000$ at the rate of $9 \,p.c.p.a$ for $3$ years (in $Rs.$)?

The difference between simple and compound interest compounded annually on a certain sum of money for $2$ years at $4 \%$ per annum is ₹ $8$. The sum is (In ₹):

$A$ man borrows ₹ $25000$ at $20 \%$ compound interest. At the end of every year,he pays ₹ $5000$ as part repayment. How much (in ₹) does he still owe after three such instalments?

Sonika invested an amount of ₹ $5800$ for $2$ years. At what rate of compound interest ($\%$ per annum) will she get an amount of ₹ $594.5$ as interest at the end of two years?

$A$ certain sum at compound interest amounts in two years to ₹ $2809$ and in three years to ₹ $2977.54$. Find the rate of interest and the original sum (in ₹).

Vedclass Test Series

Exam Paper Generator

Online Exam Module