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Question
In what time will Rs 50,000 yield an interest of Rs 32,151.60 at 18% per annum interest compounded annually?
Solution
P =Rs 50,000 ; A= Rs (50,000 + 32,151.60) =Rs 82,151.60 ; r = 18% ; t = ?
`"A" = "P" (1 + "r"/100)^"n"`
Rs 72,151.60 = Rs 50,000 `(1 + 18/100)^"n"`
`82151.60/50000 = (1 + 18/100)^"n"`
`8215160/(50000 xx 100) = (1 + 18/100)^"n"`
`205379/125000 = (1 + 18/100)^"n"`
`(59)^3/(50)^3 = (59/50)^"n"`
t = 3
T = 3 years
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