Question 101

In how many years will a sum of Rs. 800 at 10% per annum compound interest, compounded semiannually becomes Rs. 926.10 ?

Solution

When we are compounding it semiannually its rate becomes 5% and number of years will 2n
so for compound interest:
926.10=$$800\times(1+\frac{10}{100})^{2n}$$
solve for n.


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