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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.
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[13, 230 = 12, 000 \left( 1 + \frac{5}{100} \right)^n \]
\[ \left( 1 . 05 \right)^n = \frac{13, 230}{12, 000}\]
\[ \left( 1 . 05 \right)^n = 1 . 1025\]
\[ \left( 1 . 05 \right)^n = \left( 1 . 05 \right)^2 \]
On comparing both the sides, we get:
n = 2
Thus, the value of n is two years.
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