Question

In how many years Rs 1600 amount to Rs 1852.20 at 5% per annum when compounded annually?

Answer 1

Answer:

3 years

Step-by-step explanation:

Given,

Sum is 1600

Rate is 5%

for 1st year:

5% of 1600=80

for 2nd year:

Amount will be 1600+80=1680

5% of 1680=84

For 3rd year :

Amount will be 1680+84=1764

5% of 1764=88.2

So,

Total interest for 3 years is

80+84+88.2=252.2

Total amount is 1600+252.2=1852.2

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