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Question
In how many years will Rs 2000 amount to Rs 2662 at 10% p.a. compound interest?
Solution
Here P = Rs.2000, A = Rs.2662, r = 10%
Now, `"P"(1 + "r"/100)^"t"` = A
⇒ `2000(1 + 10/100)^"t"`
= 2662
⇒ `(11/10)^"t"`
= `(2662)/(2000)`
= `(1331)/(1000)`
= `(11/10)^3`
By comparing powers, t = 3
Hence time is 3 years.
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