Find out the period

The compound interest on Rs. 60000 at 7% pa is Rs. 8694. Find the period

  1. 2 year
  2.  8 year
  3.  3 year
  4.  4 year

 

Monis Rasool Professor Asked on 28th July 2015 in Maths.
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  • 1 Answer(s)

    Answer: (1) 2 years
    Explanation:-
    Given-
    C I = Rs.8694, Principal = Rs.60,000  & R = 7 %.
    Formula-
    P[(1 + R/100)t – 1]
    Where, R = rate, t = time & P = principal.
    Then, 8694 = 60000[(1 + 7/100)t – 1]
    8694/60000 = (107/100)t – 1
    8694/60000 + 1 = (107/100)t
    (8694 + 60000)/60000 = (107/100)t
    68694/60000 = (107/100)t
    11449/10000 = (107/100)t
    (107/100)2 = (107/100)t
    t = 2 years                     (comparing on both side)Hence, the answer is (1) 2 years.

    Anurag Mishra Professor Answered on 28th July 2015.
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