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Question
In what period of time will Rs. 12,000 yield Rs. 3972 as compound interest at 10% per annum, if compounded on a yearly basis?
Solution
Principal, P = Rs. 12,000, Rate of interest, r = 10%, C.I. = Rs. 3972
`C.I. = P[(1 + R/100)^n - 1]`
`=> 3972 = 12000[(1 + 10/100)^n - 1]`
`=> 3972 = 12000[(11/10)^n - 1]`
`=> 3972/12000 + 1 = (11/10)^n`
`=> 1331/1000 = (11/10)^n`
`=> (11/10)^3 = (11/10)^n`
`=> n = 3 year`
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