In how many years will Rs 5000 amount Rs 6272 at 12% per annum compounded anually plz answer me fast
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Answer:
2 years
Step-by-step explanation:
Let the number of years be n.
Principal (P) = Rs.5000
Amount (A) = Rs.6272
Rate (R) = 12%
A = P (1 + R/100)ⁿ
=> 6272 = 5000 (1 + 12/100)ⁿ
=> 6272/5000 = (28/25)ⁿ
=> 784/625 = (28/25)ⁿ
=> (28/25)² = (28/25)ⁿ
=> n = 2 years
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