The question seems to have a slight confusion. Simple interest is not compounded annually. However, if we consider the question as compound interest, here's how you can solve it:

Compound interest formula is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, we know that the final amount (A) should be four times the initial investment, so A = 4 * 10,000 = 40,000. The principal amount (P) is 10,000. The annual interest rate (r) is 15% or 0.15 in decimal. The interest is compounded annually, so n = 1.

We need to find t (time in years). So, we can rearrange the formula to solve for t:

t = log(A/P) / (n * log(1 + r/n))

Substituting the given values:

t = log(40,000/10,000) / (1 * log(1 + 0.15/1))
t = log(4) / log(1.15)
t = 0.60206 / 0.060698
t = 9.92 years

So, Mr. Aggarwal's investment will quadruple in approximately 10 years.

Question

The question seems to have a slight confusion. Simple interest is not compounded annually. However, if we consider the question as compound interest, here's how you can solve it:

Compound interest formula is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, we know that the final amount (A) should be four times the initial investment, so A = 4 * 10,000 = 40,000. The principal amount (P) is 10,000. The annual interest rate (r) is 15% or 0.15 in decimal. The interest is compounded annually, so n = 1.

We need to find t (time in years). So, we can rearrange the formula to solve for t:

t = log(A/P) / (n * log(1 + r/n))

Substituting the given values:

t = log(40,000/10,000) / (1 * log(1 + 0.15/1))
t = log(4) / log(1.15)
t = 0.60206 / 0.060698
t = 9.92 years

So, Mr. Aggarwal's investment will quadruple in approximately 10 years.

Knowee AI · Accepted Answer

The question seems to have a slight confusion. Simple interest is not compounded annually. However, if we consider the question as compound interest, here's how you can solve it:

Compound interest formula is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, we know that the final amount (A) should be four times the initial investment, so A = 4 * 10,000 = 40,000. The principal amount (P) is 10,000. The annual interest rate (r) is 15% or 0.15 in decimal. The interest is compounded annually, so n = 1.

We need to find t (time in years). So, we can rearrange the formula to solve for t:

t = log(A/P) / (n * log(1 + r/n))

Substituting the given values:

t = log(40,000/10,000) / (1 * log(1 + 0.15/1))
t = log(4) / log(1.15)
t = 0.60206 / 0.060698
t = 9.92 years

So, Mr. Aggarwal's investment will quadruple in approximately 10 years.

Mr. Aggarwal invests ₹10,000 in a bank account that offers a simple interest rate of 15% per annum, compounded annually. After how many years will his investment quadruple?

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