Question

In how many years will * 16000 amount to 17640 at the rate of 5% per annum compounded
annually?

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Answer 1

Answer:

Step-by-step explanation:P=16000 ,A=176400 ,T=2years

Let rate be R%

A=P(1+100R)T

17640=16000(1+100R)2

1600017640=(1+100R)2

=>(4042)2=(1+100R)2

=>4042=1+100R

=>100R=2021−1

=201

=>R=20100=5%

Hence, Rate = 5% p.a.

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