Question

Mr. Paul borrows Rs. 20000 on condition to repay it with C.I. at 5% p.a in annual installments of Rs. 2000 each. The number of years for the debt to be paid off is?  

Answer 1

Answer:

none of these

Step-by-step explanation:

20000=2000/0.05(1-1/1.05n)

0.5=1-1/1.05n

-0.5=-1/1.05n

-0.5=2

n=log2/log1.05

n=14.2