Question

in how much time will a sum of 32000 amount to 37044 at 5%per annum.​

Answer 1

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P = Rs32,000 

C.I. = Rs5,044

A = P+C.I.

= 32,000+5,044

= Rs37,044

On interest being compounded for N years,

Amount =P(1+100R)N

37,044 = 32,000×(1+5/100)^N

37,044/32,000 = (21/20)^N

9,261/8,000 = (21/20)^N

21³/20³ =( 21/20)^N

=>N = 3 years