Question

In how many years will rupees 8000 amount to rupees 969 2161 at 5% per annum compounded annually

Answer 1

P = 8000
r = 5%
= 0.05
n = unumber of years
9261 = 8000 (1 + 0.05)^n
9261 / 8000 = 1.05 ^n
take logarithms
log 9261 /8000 = n log 1.05
n = (1/ log 1.05) log 1.157 years = 2.99
= 3 years nearly ( if we take 9692161 then question will be wrong)