Maths / Comparing Quantities / Compound Interest Half Yearly

QUESTION
 

A sum of Rs. 3,200 invested at 10% per annum compounded quarterly amounts tc Rs. 3,362. Compute the time period.

EXPLANATION
Explain TypeExplanation Content
Text

Here P = Rs. 3,200

             R = 10% per annum  =frac {10}{4} % quarterly

             T = ?

             A = Rs. 3,362

Rightarrow : : : : : : : : : : : : : : : : : : 3,362=3,200 left ( 1+frac {10}{400} right )^n  Rightarrow : : : : : : : : : : : : : : : : : : frac {3,362}{3,200}=left ( frac {410}{400} right )^n : : : : : : : : : Rightarrow : : : : : : : frac {1,681}{1,600}=left ( frac {41}{40} right )^n : : : : : : : Rightarrow : : : : : : : : : : left ( frac {41}{40} right )^2=left ( frac {41}{40} right )^n  Rightarrow : : : : : : : : : : : : : : : : : n=2  Rightarrow : : : : : : : : : : : : : : T=2: : quarter : years  : : : : : : : : : : : : : : : : : : : : : T=2 times 3 = 6 : : months

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