In how many years will ₹50,000 become ₹665,550 at 10% compound interest per annum?
In how many years will ₹50,000 become ₹665,550 at 10% compound interest per annum?
₹50,000 की राशि 10% वार्षिक चक्रवृद्धि ब्याज की दर से कितने वर्षों में ₹66,550 हो जाएगी?
Detailed Solution & Logic
Correct Answer:
3
$A = P(1+r)^n$
$66550 = 50000(1+\frac{10}{100})^n$
$66550 = 50000(1.1)^n$
$\frac{66550}{50000} = (1.1)^n$
$1.331 = (1.1)^n$
Since,
$1.1^3 = 1.331$
Therefore,
n = 3
Answer: 3 years
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