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.

Question

Philoid · Accepted Answer

Given,

Principal = Rs.12000

Rate = 5% per annum

Amount = Rs.13230

Let time = T years

So,

A =

=

= T= 2 years

Hence ,

Time = 2 years