Question

In how many years will Rs. 10,00,000 amount become Rs. 11,91,016 at 6% p.a. compounded

annually?​

Answer 1

Answer:

3.2 years

Step-by-step explanation:

given, principle amount = 10,00,000, total amount = 11,91,016

rate =6%

total amount = principal + interest

interest =1191016-1000000 =1,91,016

interest = pnr/100 = 10,00,000*n*6/100

191016 = 1000000*n*6/100

n = 191016*100/(1000000*6)

n=3.2