Question

In how many years will * 16000 amount to 17640 at the rate of 5% per annum compounded
annually?
it's
very urgent​

Answer 1

Answer:

Time = 2.05 Years

Step-by-step explanation:

Amount = Principal + Interest

17640 = 16000 + Interest

⇒ Interest = 17640 - 16000 = 1640

∵ $Interest = \frac{Principal * Time * Rate}{100}$

⇒ $1640 = \frac{16000 * Time * 5}{100}$

⇒ $Time = \frac{1640 * 100}{ 16000 * 5}$

⇒ 2.05 Years