Question

The compound interest on 20000 at 8% per annum is 3328 what is period in year

Answer 1

Answer:

Step-by-step explanation:

Given,

Compounded Interest) = CI = 3328

Duration/Time = n = ? years

Rate of Interest Per annum= i = 8%

P = Principal Amount = 20000

we know That..

For compound Interest...

CI=P(1+i)^n-P

substituting above information..

3328 = 20000(1+8/100)^n - 20000

3328= 20000(1+0.08)^n -20000

3328 + 20000 = 20000(1.08)^n

23328 = 20000(1.08)^n

23328/20000= (1.08)^n

1.1664 = (1.08)^n

(1.08)^2 = (1.08)^n

n = time = 2 years