Question

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​

Answer 1

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.