Question

.. If principal is 12,000, rate of compound interest is 5 p.c.p.a. and amount is
13230, then find the number of years.​

Answer 1

Answer:

2¼ years

Step-by-step explanation:

Principal (P) = Rs.12000

Amount (A) = Rs.13230

Rate (R) = 5% p.a.

Let the number of years be n.

A = P × (1 + R/100)ⁿ

13230 = 12000 × (1 + 5/100)ⁿ

=> 1323/1200 = (21/20)ⁿ

=> n = 2¼ years