in how many years will ₹4000 amount to 4630.50 at 5% per annum , compounded annually?
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in how many years will ₹4000 amount to 4630.50 at 5% per annum , compounded annually?
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Principal (P) = Rs. 4000
Amount (A) = Rs. 4630.5
Rate(R) = 5%
Let the time period (t) be t.
Then,
4630.5 = 4000 ( 1 + 5/100)^t
when we transpose 4000 to RHS,
4630.5/4000=(21/20)^t { by cancelling 105/100}
(21/20)^3=(21/20)^t
when the bases are same on both sides we cancel them and their powers remain there
3 = t
Therefore Time = 3 years