Question

In what time will r. 8000 amount to rs. 9261 at 5%p.A. Compound interest?

Answer 1

A = P x (1 + r)^t

9,261 = 8,000 x (1.05)^t

9,261 / 8,000 = 1.05^t

1.157625 = 1.05^t

(1.05)^3 = 1.05^t

t = 3

So, it will take 3 years.