Question

Ishita invested a sum of Rs. 12000 at 5% per annum compound interest. She received an amount of Rs. 13230 after n years. Find the value of n.

Answer 1

Given, 

Principal = Rs.12000 

Rate = 5% per annum 

Amount = Rs.13230 

Let time = T years 

So,

A \(={P}[({1}+\frac{R}{100})^T]\)

\(={12000}[({1}+\frac{5}{100})^T]\) = 13230

\(=(\frac{21}{20})^T\) \(=\frac{13230}{12000}\) \(=\frac{441}{4000}\) \(=(\frac{21}{20})^2\)

= T= 2 years 

Hence , 

Time = 2 years