1. If the interest rate on a savings account is 0.01%, approximately how much money do you need to keep in this account for 1 ye
1 answer:
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Answer:
The Time period of the Amount is 5 years 3 days .
Step-by-step explanation:
Given as :
The principal = p = Rs 9300
The annual rate of interest = r = 13%
The Total amount after t years = A = Rs 17,763
Let The time period = t years
<u>From Compound Interest method </u>
Amount = principal ×
Or, A = p ×
Or, Rs 17,763 = Rs 9300 ×
Or, =
or, 1.91 =
Taking Log both side
1.91 =
(
)
or, 0.2810 = t × 1.13
or, 0.2810 = t × 0.0530
∴ t -
I.e t = 5.30 years
So, The time period = t = 5 years 3 days
Hence The Time period of the Amount is 5 years 3 days . Answer