if a sum of ₹ 40,000 at compound interest of 5% p.a. amounted to ₹ 44,100, find the time for which the money was invested.
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Answer: 2 YEARS
Step-by-step explanation: We have,principal, P = Rs 40000Rate,
R = 5% p.a.Time,
n = ?Amount,
A = Rs 44100
⇒P[1 + R100]n
= 44100
⇒40000[1 + 5100]n =
44100⇒[1 + 5100]n
= 4410040000
⇒(1 + 120)n
= 441400⇒(2120)n = (2120)2⇒n = 2So, the required time is 2 yrs
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