Question

In how many years will $16,000 amounts to $17,640 at the rate of 5% per annum compounded
annually?​

Answer 1

Answer:

n=3 Therefore time period of investment is three half years i.e., 1.5 years.

Step-by-step explanation:

P=Rs.16,000

A

n

=Rs.18,522

i=10×1/2%=5%=0.05

n=?

We have A

n

=P(1+i)

n

18,522=16,000(1+0.05)

n

18,522/16,000=(1.05)

n

(1.157625)=(1.05)

n

(1.05)

3

=(1.05)

n

n=3 Therefore time period of investment is three half years i.e., 1.5 years.

Answer 2

5% of $16000 = $800
$17640 - $16000 = $1640
Ans = 1640/800 years = 2.05 years
Thank You. Please mark me the brainliest