Question

find the time taken for a sum of 8000 to amount 9261 if the rate of interest is 5% per annum compounded annually​

Answer 1

Step-by-step explanation:

let the time taken be n

Given:

A=9261

P=8000

i=5%=5/100=0.05

Formula:

A=P(1+i)^n

9261=8000(1+0.05)^n

1.157625=(1.05)^n

apply log on both sides....

log(1.157625)=n log(1.05)

0.06356=n*0.0211

n=3 yrs