Question

In what time will a sum of Rs 8000 becomes Rs 9261 at the interest rate of 5% p.a. if the interest is compounded yearly?​

Answer 1

Answer:

3 years

Step-by-step explanation:

Let the time be n.

Amount (A) = ₹9261

Principal (P) = ₹8000

Rate (R) = 5%

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