Question

In how many years will Rs.4000 amount to Rs.4630.5 at 5% per annum, compounded annually?​

Answer 1

Answer:

Formula Used:A=P(1+r/100)^n

Time period=3 years

Step-by-step explanation:

Rs.4630.5=Rs.4000(1+5/100)^n

Rs.4640.5/Rs.4000={(100+5)/100}^n

46405/40000=(105/100)^n

9261/8000=(21/20)^n

(21/20)^3=(21/20)^n

Bases being equal

n=3

The time period=3 years

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