Question
Download Solution PDFThe compound interest on ₹10,00,000 at 3% per annum, compounding annually is ₹92,727. The number of years required for this is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Compound interest = ₹92,727,
Principal = ₹10,00,000,
Rate = 3%
Concept:
Compound Interest = Principal × (1 + Rate/100)ⁿ - Principal, where n is the number of periods
Calculation:
⇒ 92,727 = 10,00,000 × [(1 + 3/100)ⁿ - 1]
⇒ 92,727/10,00,000 = [(1 + 3/100)ⁿ - 1]
⇒ 92,727/10,00,000 + 1 = (1 + 3/100)ⁿ
⇒ 1092,727/10,00,000 = (1 + 3/100)ⁿ
⇒ (103/100)3 = (1 + 3/100)ⁿ
⇒ (1 + 3/100)3 = (1 + 3/100)ⁿ
⇒ n = 3 years
Hence, the number of years required for the compound interest to amount to ₹92,727 is 3 years.
Last updated on Jun 30, 2025
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