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2178 = 1800(1+10/100)^n (The formula is P(1+r/100)^n)
2178/1800 = (1+10/100)^n
121/100 = (11/10)^n
(11/10)^2 = (11/10)^n
n = 2.
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Related In how many years will Rs 1800 amount to Rs 2178 at 10% per annum when compounded annually?
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Correct Answer - Option 3 : 2
Given:
Principal = Rs 1,800
Final amount = Rs 2,178
Rate of interest = 10%
Concept used:
Amount after ‘n’ years for a Principal of P and rate of interest of r% compounded annually, A = P × (1 + r/100)n
Calculation:
A = P × (1 + r/100)n
2,178 = 1,800 × (1 + 10/100)n
⇒ 2,178/1,800 = (11/10)n
⇒ 121/100 = (11/10)n
⇒ (11/10)2 = (11/10)n
⇒ n = 2
∴ In two years the amount of Rs 1,800 will become Rs 2,178 at 10% compounded annually.