Discussion Forum

If in a certain number of years Rs. $3000$ amounts to Rs. $4320$ at compound interest, in half that time Rs. $3000$ will amount to

Answer:

Explanation:

Let rate of interest $=R\%$

Number of years $=N$

$4320$ $=3000\left(1+\frac{R}{100}\right)^{N}$

$\left(1+\frac{R}{100}\right)^{N/2}$ $=\sqrt{1.44}$ $=1.2$

In $\frac{n}{2}$ years Rs. $3000$ will amount to

$3000\left(1+\frac{R}{100}\right)^{N/2}$ $=3000\times 1.2$ = Rs. 3600.