Question
Download Solution PDFIn how many years will the amount of Rs. 1200 double itself under compound interest system of 4% p.a.? (log 2 = 0.30102, log 1.04 = 0.01703)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 1200, Total amount = Rs. 2400, Rate = 4%
Concept used:
log 2 = 0.3, log 1.04 = 0.017
Formula used:
A = P[1 + (r/100)]t
Calculation:
Let, duration = n years
⇒ 2400 = 1200[1 + (4/100)]n
⇒ 2 = [1 + ((4/100)]n
⇒ 2 = [104/100]n
⇒ 2 = [1.04]n
Applying log on both sides,
⇒ log 2 = log [1.04]n
⇒ log 2 = n × log [1.04]
⇒ n = log 2/log 1.04 = 17.67
∴ Option 2 is the correct answer.
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