Question

Gayathri invested a Sum of $12,000 at 5%p.a.at compound interest.she received an amount of $13,230 after 'n' years find the value of 'n'

Answer 1

answer of this queation is 2 years

Answer 2

Answer:

2 years.

Step-by-step explanation:

Principal = $12000

Amount = $13230

Rate of interest = 5%

Time = n years

Formula : $A=P(1+\frac{R}{100})^n$

$13230=12000(1+\frac{5}{100})^n$

$\frac{13230}{12000}=(\frac{105}{100})^n$

$\frac{441}{400}=(\frac{21}{20})^n$

$(\frac{21}{20})^2=(\frac{21}{20})^n$

On comparing n = 2

Hence the value of n is 2 years.