Question

8. Find the time taken for a sum of 8000 to amount 9261 if the rate of interest is 5% per annum compounded annually
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Answer 1

answer : 3 years

explanation: anation :

anation :Amount = 9261 p = 8000

anation :Amount = 9261 p = 8000rate = 5%

anation :Amount = 9261 p = 8000rate = 5%A = p [ 1 + r / 100]n

anation :Amount = 9261 p = 8000rate = 5%A = p [ 1 + r / 100]n9261 = 8000[1 + 5/100]n

anation :Amount = 9261 p = 8000rate = 5%A = p [ 1 + r / 100]n9261 = 8000[1 + 5/100]n=> 9261 / 8000 = [21 / 20]n

anation :Amount = 9261 p = 8000rate = 5%A = p [ 1 + r / 100]n9261 = 8000[1 + 5/100]n=> 9261 / 8000 = [21 / 20]n=> [21 / 20]3=[21 / 20]n

anation :Amount = 9261 p = 8000rate = 5%A = p [ 1 + r / 100]n9261 = 8000[1 + 5/100]n=> 9261 / 8000 = [21 / 20]n=> [21 / 20]3=[21 / 20]non comparing n = 3 so it will take 3years

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