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Question
In how many years will Rs. 7,000 amount to Rs. 9,317 at 10% per annum compound interest ?
Solution
Given : P = Rs. 7,000; A = Rs. 9,317 and r = 10%.
∴ A = `"P"( 1 + "r"/100)^"n"`
⇒ `9,317 = 7,000( 1 + 10/100)^"n"`
⇒ `(9,317)/(7,000) = ( 11/10)^"n"`
⇒ `(1,331)/(1,000) = ( 11/10)^"n"`
⇒ `(11/10)^3 = ( 11/10 )^"n"`
On comparing,
n = 3 years
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