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Reena invested rupees 12000 at 5% per year after how many years her investment will amount to rupees 13230 if interest is compounded annually
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12,000 at 5% for 1st year,
Interest earned = 12000*5/100 = 600
Amount after 1st year = 12,000 + 600 = 12,600
P for second year = 12,600
Interest earned(@ 5%) = 12600*5/100 = 630 Rs.
Amount = 12,600+630 = Rs. 13,230
Hence she received Rs.13,230 after '2' years.
So 'n' = 2
Interest earned = 12000*5/100 = 600
Amount after 1st year = 12,000 + 600 = 12,600
P for second year = 12,600
Interest earned(@ 5%) = 12600*5/100 = 630 Rs.
Amount = 12,600+630 = Rs. 13,230
Hence she received Rs.13,230 after '2' years.
So 'n' = 2
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