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Question
In how much time will a sum of Rs 1600 amount to Rs 1852.20 at 5% per annum compound interest?
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[1852 . 20 = 1600 \left( 1 + \frac{5}{100} \right)^n \]
\[\frac{1852 . 20}{1600} = \left( 1 . 05 \right)^n \]
\[ \left( 1 . 05 \right)^n = 1 . 157625\]
\[ \left( 1 . 05 \right)^n = \left( 1 . 05 \right)^3 \]
On comparing both the sides, we get:
n = 3
Thus, the required time is three years .
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