Question

Akash invested a sum of 20000at 10%per annum compounded interest. He gets an amount of 24200after n years.findthe value

Answer 1

Given ; p=20000; r=10%pa;time =n years;a=24200

we know ; interest I = a-p=24200-20000=4200

so;

I=p*r*t/100

or, 4200=20000*10*n/100

or,n=4200*100/20000*10

or, n=2.1 yrs