Question
Download Solution PDFIn how many months, at a rate of 6% compound interest per annum, will a sum of ₹1,200 become ₹1,348.32.?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹1,200
Amount (A) = ₹1,348.32
Rate of interest (R) = 6% per annum
Formula Used:
Compound Interest Formula: A = P
Calculation:
We need to find the number of months (n).
Given:
₹1,348.32 = ₹1,200
⇒ 1.1236 =
Taking natural logarithm on both sides:
⇒
⇒
⇒
⇒ n = 2 × 12
⇒ n = 24
Hence, the number of months required is 24 months.
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