Question

In how many years will Rs.12000 amount to Rs.14520 at 10% compound interest per annum

Answer 1

Step-by-step explanation:

compound interest A = p(1+I)^n p=12000

a =14520 I=r/100 =10/100

14520=12000(1+0.1)^n

14520/12000 = (1.1)^n

1.21 = (1.1)^n

therefore n=2

as 1.1^2= 1.21

it will take 1.21 years