Question

In what time will ₹8000 amount to ₹9261 at the rate of 5% per annum compound interest ?

Answer 1

Step-by-step explanation:

9261 = 8000(1+5/100)^n

9261/8000= (1+5/100)^n

9261/8000 = (105/100)^n

9261/8000 = (21/20) ^ n

(21/20)^3 = (21/20) ^ n

n = 3 years