Question

In how much time, will Rs. 400 amount to Rs. 441 at 5% p.a. , if the interest is compounded annually?​

Answer 1

Answer:

2 years

Step-by-step explanation:

Amount (A) = Rs.441

Principal (P) = Rs.400

Rate (R) = 5% p.a.

Let the time be n.

A = P (1 + R/100)ⁿ

=> 441 = 400 (1 + 5/100)ⁿ

=> 441/400 = (1 + 1/20)ⁿ

=> (21/20)² = (21/20)ⁿ

=> n = 2 years