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General

Easy

Question

# In what time will Rs1500 yield Rs1996.50 as compound interest at 10% per annum compounded annually?

Hint:

### Use the formula of total amount to find the number of years.

## The correct answer is: 3 years

### Complete step by step solution:

We calculate the total amount by the formula …(i)

where P is Principal amount, T is number of years and R is rate of interest

Here, we have R = 10% ,P = 1500 , A = 1996.5 and T = ?

On substituting the known values in (i), we get

On dividing both the sides by 1500, we have

T = 3 years

In 3 years will Rs 1500 yield Rs 1996.50 as compound interest at 10% per annum compounded annually.

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