    # Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest Free 15 Questions 15 Marks 9 Mins Given: Principal = Rs. 7,000 Amount = Rs. 10,360 Time = 6 years Formula used: SI = PRT/100 Amount = SI + P Where, SI = Simple interest, P = Principal, R = Rate, T = Time Calculation: SI = 10360 - 7000 = 3360 SI = 3360 SI = PRT/100 According to the question, ⇒ 3360 = (7000 × R × 6)/100 ⇒ 3360 = 420 × R ⇒ R = 3360/420 ⇒ R = 8% ∴ The required rate of interest is 8%. Let's discuss the concepts related to Interest and Simple Interest. Explore more from Quantitative Aptitude here. Learn now! India’s #1 Learning Platform Start Complete Exam Preparation Daily Live MasterClasses Practice Question Bank Mock Tests & Quizzes Get Started for Free Download App Trusted by 3.4 Crore+ Students Your browser is no longer supported. Update it to get the best YouTube experience and our latest features. Learn more    Remind me later 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)/(7,000) = ( 11/10)^n` ⇒ `(11/10)^3 = ( 11/10 )^n` On comparing,n = 3 years 