In how may years will a sum of Rs. 320 amount to Rs. 405 if interest i

1.	In how may years will a sum of Rs. 320 amount to Rs. 405 if interest is compounded at 12.5% per annum?1. 2(1/2) years2. 2 years3. 1 year4. 1(1/2) years
Answer» Correct Answer - Option 2 : 2 years Given: Sum = Rs. 320 Amount = Rs. 405 Rate of interest = 12.5% Formula Used: If a^m = aⁿ, then m = n Amount = P × (1 + r%/100)^t ⇒ P → Principal, r% → Rate of interest per annum, t → Time period Calculations: Let the time period be t years. Amount = P × (1 + r%/100)t ⇒ 405 = 320 × (1 + 12.5/100)^t ⇒ 405/320 = (9/8)^t ⇒ 81/64 = (9/8)² = (9/8)^t ⇒ t = 2 years ∴ The time in which a sum of Rs. 320 amount to Rs. 405 is 2 years.

In how may years will a sum of Rs. 320 amount to Rs. 405 if interest is compounded at 12.5% per annum?1. 2(1/2) years2. 2 years3. 1 year4. 1(1/2) years

Answer» Correct Answer - Option 2 : 2 years

Given:

Sum = Rs. 320

Amount = Rs. 405

Rate of interest = 12.5%

Formula Used:

If a^m = aⁿ, then

m = n

Amount = P × (1 + r%/100)^t

⇒ P → Principal, r% → Rate of interest per annum, t → Time period

Calculations:

Let the time period be t years.

Amount = P × (1 + r%/100)t

⇒ 405 = 320 × (1 + 12.5/100)^t

⇒ 405/320 = (9/8)^t

⇒ 81/64 = (9/8)² = (9/8)^t

⇒ t = 2 years

∴ The time in which a sum of Rs. 320 amount to Rs. 405 is 2 years.

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In how may years will a sum of Rs. 320 amount to Rs. 405 if interest is compounded at 12.5% per annum?1. 2(1/2) years2. 2 years3. 1 year4. 1(1/2) years

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