Question 47

Shams invested ₹ 5000 at 10% per annum compound interest. After n years, Shams received ₹ 1655 more. Find the value of n.

Solution

The correct option is A.

P = 5000 and A= 5000+1655= 6655

P$$k^{n}$$ = A Where $$k=(1+\frac{r}{100}$$)

$$\Rightarrow$$ 5000$$\times$$($$\frac{11}{10}$$)$$^{n}$$ = 6655

$$\Rightarrow$$ n = 3 years.

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