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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. - Mathematics

Sum

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.

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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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APPEARS IN

RD Sharma Class 8 Maths
Chapter 14 Compound Interest
Exercise 14.3 | Q 21 | Page 21
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