Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest

Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest

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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%.

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Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest

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  • Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest
  • Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest
  • Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest
  • Sum of rs 7000 amount to rs 9317 in certain number of years at 10 per annum compound interest
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