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. Kabir invested a sum of r 12,000 at 5% per annum at compound interest. Heafter n years. Find the value of r1 interest of & 410 in 2 years |
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Answer» Formula to find the amount in case of compound interest: A= P * {1+ (r/100)}^n; where A is the amount, P is principal,r is rate,n is the number of years. Putting these values in the formula: 13230 = 12000 * {1 + (5/20)}^n=> 13230/12000 = (105/100)^n Simplifying the equation, we get: 441/400 = (21/20)^n(21/20)^2 = (21/20)^nTherefore, n=2 Number of years = 2 |
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