Question

In how many years will rupees 8000 amount to rupees 9261 at 5% per annum compound interest?

Answer 1

P= Rs.8000

A= Rs.9261

R = 5%

I = A - P

=> I = Rs.(9261 - 8000)

=> I = Rs.1261

we know that I = PRT/100

So, 1261 = 8000 × 5 × t / 100

Or , 1261 × 100 / 8000 × 5 = t

Hence t = 3.15 years