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2 years ago

A man invested R30 000 at 10% how long did it take for him to get R50 000

1 answer:

6 0

The time it takes for a man to get Rs 50,000 is 5 years and 4 months i.e., t = 5.36 years. Using the compound interest formula the required value is calculated.

<h3>What is the formula for calculating compound interest?</h3>

The formula for calculating the compound interest is

A = P(1 + r)^t

Where

A = total amount at the end of the tenure

P = Initial amount

r = Interest rate

t = time(years)

<h3>Calculation:</h3>

It is given that,

A man invested Rs 30,000; the rate of interest r = 10% and he gets a total amount of Rs 50,000 after some time 't'.

Then,

A = P(1 + r)^t

⇒ 50000 = 30000(1 + 0.1)^t

⇒ (1.1)^t = 50000/30000

⇒ (1.1)^t = 5/3 =1.67

Applying logarithm on both sides,

log(1.1)^t = log(1.67)

⇒ t (log(1.1) = log(1.67)

⇒ t = log(1.67)/log(1.1)

∴ t = 5.38 years

Therefore, it takes 5 years and 4 months to get the amount of Rs 50,000 for the initial investment of Rs 30,000.

Learn more about the compound interest here:

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A man invested R30 000 at 10% how long did it take for him to get R50 000​

A man invested R30 000 at 10% how long did it take for him to get R50 000