Question

In how many years will Rs1200 amount to Rs1323 at 5% pa compounded annually?

Answer 1

Answer:

First you should no the formulae

To find in how many years it will take to be 1323 then,

Time = Simple Interest × 100 divided by rate × principle amount

simple interest is 123 ( amount minus principle amount)

so,

123×100÷1200×5 = 2 years

Thank you