Find the least number of complete years in wh | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(A) Given: Principal $(P) = Rs. 1500$,Rate $(R) = 25 \% 	ext{ per annum}$.We need to find the minimum number of years $(n)$ such that the amount $(A)

Vedclass · Accepted Answer

$4$

Vedclass · Answer

(A) Given: Principal $(P) = Rs. 1500$,Rate $(R) = 25 \% 	ext{ per annum}$.We need to find the minimum number of years $(n)$ such that the amount $(A)$ becomes more than double the principal,i.e.,$A > 2P$.The formula for compound interest is $A = P(1 + R/100)^n$.Substituting the values: $P(1 + 25/100)^n > 2P$.Dividing both sides by $P$: $(1 + 1/4)^n > 2$,which simplifies to $(5/4)^n > 2$.Calculating for different values of $n$:For $n = 1: (1.25)^1 = 1.25 For $n = 2: (1.25)^2 = 1.5625 For $n = 3: (1.25)^3 = 1.953125 For $n = 4: (1.25)^4 = 2.44140625 > 2$.Thus,the least number of complete years required is $4$.

Find the least number of complete years in which a sum of $Rs. 1500$ at $25 \%$ compound interest will be more than double.

Similar Questions

The simple interest on a certain sum at $4 \%$ per annum for $2$ years is ₹ $80$. The compound interest (in ₹) on the same sum for the same period is

The compound interest (in ₹) on ₹ $5,000$ for $3$ years at $10 \%$ per annum will amount to:

Which of the statements given below are sufficient to answer the following question?
What is the rate of interest $p.c.p.a.$ on the amount of $Rs. 15000$ taken as a loan?
$(I)$ The difference between $C.I.$ and $S.I.$ for $2$ years is $Rs. 170$.
$(II)$ The $S.I.$ for $2$ years is $Rs. 2500$.

Aditya invests $Rs. 50,000$ in a fixed deposit at $10 \%$ $C.I.$ for $2$ years. At the end of $2$ years,she puts the money in another deposit at $12 \%$ $S.I.$ for $3$ years. What was the final value (in $Rs.$) of the initial investment?

What sum will give ₹ $244$ as the difference between simple interest and compound interest at $10 \%$ per annum in $1 \frac{1}{2}$ years,compounded half-yearly?

Vedclass Test Series

Exam Paper Generator

Online Exam Module