I invest 20,000 in a fixed deposit which
will earn an interest at 9% per annum
compound interest. In how many years
will I get an amount of 23,762? answer = 2 years
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Answer:
A = P(1 + r/n)nt
A = Accrued Amount (principal + interest)
P = Principal Amount.
I = Interest Amount.
R = Annual Nominal Interest Rate in percent.
r = Annual Nominal Interest Rate as a decimal.
r = R/100.
t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
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