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In what time (in years) will Rs. 8000 amount to Rs. 9261 at 5% per annum, compounded annually?
Let the time be T years.Given that , Amount ( A ) = Rs. 9261 , P = Rs. 8000 , Rate = 5% We can find required answer with the help of given formula ,
| ∴ A = P | 1 + | R | T | ||
| 100 |
| ⇒ 9261 = 8000 | 1 + | 5 | T | ||
| 100 |
| ⇒ | 9261 | = | 1 + | 1 | T | ||
| 8000 | 20 |
| ⇒ | 21 | 3 | = | 21 | T | ||||
| 20 | 20 |
⇒ T = 3 years
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