in what time will 200000 amount to 231525 at the rate of 5% per annum interest being compounded annually step by step
Answers
Answered by
0
Answer:
Principal = Rs 200000
Interest rate = 5%
Amount Received = Rs 231525
Find the time needed:
Amount = P(1 + r)ⁿ
231525 = 200000 ( 1 + 0.05)ⁿ
231525 = 200000 (1.05)ⁿ
1.05ⁿ = 1.157625
log 1.05ⁿ = log 1.157625
n log 1.05 = log 1.157625
n = log 1.157625 ÷ log 1.05
n = 3
Step-by-step explanation:
Similar questions