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The compound interest on₹ 8000 at 10% p.a for 2 years is: |
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Answer» Step-by-step explanation: Interest rate per conversion period, 10%
=5%=0.05 Principal(P)=Rs.8,000 Amount(A
)=Rs.8,820 A n
=P(I+i)n 8,820=8,000(1+0.05) n
8,820/8,000=(1+0.05) n
1.1025=(1.05) n
(1.05)2=(1.05) n
n=2; Hence number of conversion period is 2 and the required TIME = 2 n
= 2 2
=1 year |
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