Question

In how many year
16000 will amount to 18522
compound interest rate of 5 % p.a.​

Answer 1

Step-by-step explanation:

Given

Principal (P) = Rs 16000

Amount (A) = Rs 18522

Rate (R) = 10% p.a. or 5% semi-annually

Let period be n half-years

A / P = {1 + (r / 100)}

n

18522 / 16000 = {1 + (5 / 100)}

n

On further calculation, we get,

9261 / 8000 = (21 / 20)

n

(21 / 20)

3

= (21 / 20)

n

So,

n = 3 half years

Therefore,

Time = 3 / 2 = 1

2

1

years