A man invested rupees 10000 in a bank which offers compound interest at 8℅ p. a. if he receives rupees 11664 after certain years, find out the number of years for which the money was invested.
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Answer:
time=simple intrest*100/principal*rate
so, s.i =11664-10000=1664
now,
t =1664*100/10000*8
t = 1664/800=2.08
approx time=2year answer
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