Compound interest of rupees 20000 at 10% per annum compouned annually for a certain period of te is rupees 4200 find the time
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Answer:
2 years
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Step-by-step explanation:
The amount after n years, starting with principal P, after compounding interest at rate r paid annually is
A = ( 1 + r )ⁿ P
Given
P = 20000
A = P + I = 20000 + 4200 = 24200
r = 10% = 0.1
So
24200 = ( 1 + 0.1 )ⁿ × 20000
=> 1.1ⁿ = 24200 / 20000 = 1.21 = 1.1²
=> n = 2
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