Question 122

The compound interest on =1,800 at 10% per annum for a certain period of time is 378. Find the time in years.

Solution

Principal Amount (P) = Rs 1800

Rate of Interest = 10%

Compound Interest = Rs 378

Let the time period be T

So

C.I = P$$(1+ \frac{R}{100})^T$$ - P

378 = 1800$$(1+ \frac{10}{100})^T$$ - 1800

T = 2 years


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