Question

in how many years will rupees 8000 amount to 9261 at 5% per annum compounded annually

Answer 1

please mark as brilliant answer

Answer 2

Answer:

After 3 years rupees 8000 will amount to 9261.

Step-by-step explanation:

Amount = 9261

Rate of interest = 5%

Principal = 8000

Formula for amount:

$A=P(1+r)^t$

Where, P is principal, r is rate of interest and t is time in years.

$9261=8000(1+0.05)^t$

$\frac{9261}{8000}=(1.05)^t$

$1.157625=(1.05)^t$

$(1.05)^3=(1.05)^t$

On comparing both the sides.

$t=3$

Therefore after 3 years rupees 8000 will amount to 9261.