Question

In how many years will Rs 1600 amount to Rs 1852.20 at 5% per annum when compounded annually?

Answer 1

Answer:

20

Given A = 1852.20, P = 1600, R = 5%.

We know that A = P(1 + r/100)^n =

1852.20 = 1600(1 + 5/100)^n

1852.20 = 1600(105/100)^n

1852.20 = 1600(1.05)^n

1852.20/1600 = (1.05)^n

1.157625 = (1.05)^n

(1.05)^3 = (1.05)^n

n = 3.

Therefore in 3 years the rupees 1600 amount to rupees 1852.20 at 5% P.A.

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