Parul borrowed Rs.6600 from Sheela for 3 years at 12% per annum. Calculate the amount
she has to pay back to Sheela after 3 years
please answer step wise step
please answer fast but right
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Answer:
Present value of annuity regular
pv=A* [((1+I)^n -1)/(I*(1+I)^n]
20000=2000* [((1+0.05)^n -1)/(0.05*(1+0.05)^n]
(1.05)^n-1/(1.05)^n=10*0.05
1-1/(1.05)^n=0.5
-1/(1.05)^n= -0.5
Reciprocal
(1.05)^n=2
Taking log both sides=== n log(1.05)=log2
n=log2/log 1.05
Answer n= 14.2 years
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