Finding the Time Period for Compound Interest

by Nirmal
(Dubai)

Question


in what time the compound interest on Rs800 at 20% per annum will amount to Rs1152 if compounded annually?

Answer

STEP 1
The compound interest formula is given below:
compound interest formula

Where:


  • A is the total amount of money (including interest) after n years

  • P is the principal (the amount money borrowed or invested)

  • r is the interest rate (per year or per annum)

  • n is the loan or investment duration in years


STEP 2
Thus, let us substitute the values we have into the formula:
1152 = 800(1+0.2)^n

STEP 3
We can then proceed to solve the equation:
1152/800 = (1.2)^n
1.44 = (1.2)^n
1.44 = (1.2)^2

Thus, it takes two years for the compound interest to amount to Rs1152.

You can also refer to our tutorial on how to calculate compound interest.

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Nov 26, 2018
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Nov 26, 2018
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by: Anonymous

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Nov 15, 2018
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dumb NEW
by: Anonymous

y'all niggas fucking stupid. This ain't even the right formula. fuck this bum ass site

Aug 30, 2018
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Why tho NEW
by: Anonymous

Why do we need math? i mean in real life we only need numbers and Measurements.Measurements we need them because we can tell got much is it gonna be cut or something like that if ur working on homedepot but the numbers is to count money How much did we made

Aug 18, 2018
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Last step NEW
by: Anonymous

Put log on both sides of the equation
Then evaluate

May 09, 2018
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Not enough explanation NEW
by: Anonymous

You did not explain how you got the answer. You just wrote the answer. How did you get "2"?

May 05, 2018
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(html)
(title) WHY COMPOUND INTEREST IS HARD(/title)
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(/body)
(/html)

Feb 06, 2018
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pls help this is unclear NEW
by: xd

i dont understand mate i need to answer a question thats like interest being compounded quarterly and find the time this doesn't help me

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