Find the time if ₹8000 lent at CI 20% p a amounts to ₹8820 interest being compounded quarterly - Maths - Comparing Quantities

Question

Find the time if ₹8000 lent at CI 20% p a amounts to
₹8820 interest being compounded quarterly (6 months)

Lovina Kansal · Accepted Answer

Dear student
Given: Principal,P=Rs8000Amount,A=Rs8820Rate of interest,R=20% p
aWe know, when interest is compunded quarterly:Then Amount=P1+R/41004T⇒8820=80001+20/41004T⇒88208000=1+1204T⇒441200=21204T⇒21202=21204TOn comparing, we get4T=2⇒T=12So, Required time=12 year=6 months
Regards

Find the time if ₹8000 lent at CI 20% p.a. amounts to ₹8820 interest being compounded quarterly. (6 months)