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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