Q. 214.0( 24 Votes )

# In how many years

Answer :

Let time = n years

P = Rs.6250

A = Rs.7290

R = 8% per annum

Now,

Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest

P = Present value

R = Annual interest rate

n = Time in years]

A = P (1 + R/100)n

7290 = 6250 (1 + 8/100)n

(1 + 2/25)n = 7290/6250

(27/25)n = 729/625

(27/25)n = (27/25)2

n = 2

Time = 2 years.

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