Azhar deposits ₹20,000 in a bank. In how many years will it amount to ₹23,000 at the rate of interest 5% p.a ?
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Azhar deposits ₹20,000 in a bank. In how many years will it amount to ₹23,000 at the rate of interest 5%
Azhar deposits ₹20,000 in a bank. In how many years will it amount to ₹23,000 at the rate of interest 5% p.a ?
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Step-by-step explanation:
Given, principal Amount (P) = Rs. 20000
Rate of Interest Amount (r) =5%=0.05
Number of Period (t) =2 years
Compounded Interest (n) =1 (yearly)
Maturity value = P×(1+
n
r
)
nt
= 20000×(1+
1
0.05
)
2
= Rs. 22050