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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