In how much time will a sum of Rs 8,000,
produce a compound interest of Rs 1,261 at
5% per annum compounded annually.
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Answer:
3 years
Step-by-step explanation:
Principal (P) = ₹8000
Compound Interest (CI) = ₹1261
Amount (A) = P + CI = ₹8000 + ₹1261 = ₹9261
Rate (R) = 5%
Let the Time be n.
A = P (1 + R/100)ⁿ
=> 9261 = 8000 (1 + 5/100)ⁿ
=> 9261/8000 = (21/20)ⁿ
=> (21/20)³ = (21/20)ⁿ
=> n = 3 years
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