Question

2. In how many years will 4,000 amount to
5,324 at 10% p.a. compounded annually?​

Answer 1

In 3 years will sum of 4000 amount to 5324.

Step-by-step explanation:

Amount, A = Rs 5324/-

Sum, P = 4000

Time, t = ? years

Rate, r = 0.10 Per annum

Compounded annually, n = 1

So,

$A=P(1+\frac{r}{n})^{nt}$

$5324=4000(1+\dfrac{0.10}{1})^{t}$

$(1.1)^t=1.331$

Apply log both sides

$t\log 1.1=\log 1.331$

$t=3$

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