In how many years will ₹ 2,000 yield ₹ 662 as compound interest at 10 % per Annum compounded ann

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6.Interest

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In how many years will ₹ $2,000$ yield ₹ $662$ as compound interest at $10 \%$ per Annum compounded annually?

$3$

$2$

$4$

$5$

Solution

(a) $P =₹ 2000, C . I =442 Rs ., r=10 \%, n=?$

$\begin{aligned} C.I &=2000\left[1+\frac{10}{100}\right]^{ n }-2000 \\ 662+2000 &=2000(1.1)^{ n } \\ 2662 &=2000(1.1)^{ n } \\(1.1)^{ n } &=1.331 \\(1.1)^{ n } &=(1.1)^{3} \\ n &=3 \end{aligned}$

Standard 13

Quantitative Aptitude

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In how many years will ₹ $2,000$ yield ₹ $662$ as compound interest at $10 \%$ per Annum compounded annually?

Solution

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