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3 votes
Find the period.

Principal = 2550=2550equals, 2550 rupees

Annual rate of interest = 17.5 \%=17.5%equals, 17, point, 5, percent

Total amount = 3888.75=3888.75equals, 3888, point, 75 rupees

Period ==equals

years

2 Answers

1 vote

The answer is 3 years

User AndSmith
by
7.5k points
7 votes

Answer:

The period is 2.6 year.

Explanation:

Given : Principal P=Rs.2550

Annual rate of interest r=17.5%=0.175

Total amount A=Rs.3888.75

To find : The period ?

Solution :

Applying compound interest formula,


A=P(1+r)^t

Substitute the values given,


3888.75=2550(1+0.175)^t


(3888.75)/(2550)=(1.175)^t


1.525=(1.175)^t

Taking log both side,


\log (1.525)=\log (1.175)^t


\log(1.525)=t\log(1.175)


t=(\log(1.525))/(\log(1.175))


t=2.61

Approximately the period is 2.6 year.

User Schalk Versteeg
by
8.4k points
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