Sheena lent 8000 to her friend for a period and at a rate of 5%p.a. compounded anually . She gets 9261 at end of the period. What is the period fpr which money is lent?
Answers
Answered by
1
3 years and 15 days..!!!
Answered by
2
A=p{1+r/100}^n
where A=9261
p=8000
r=5%
now
9261=8000 {1+5/100}^n
9261/8000=(21/20)^n
(21/20)^3=(21/20)^n
n=3
hence 3 years of period for which money is lent
where A=9261
p=8000
r=5%
now
9261=8000 {1+5/100}^n
9261/8000=(21/20)^n
(21/20)^3=(21/20)^n
n=3
hence 3 years of period for which money is lent
Similar questions