SOLUTION: in how many years will rs 2000 amount to rs2163.20at 4%p.a. compounded anually?

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Question 515649: in how many years will rs 2000 amount to rs2163.20at 4%p.a. compounded anually?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Principal P = 2000
Amount= 2163.2
years=n
compounded (t) 1
Rate = 4 0.04
Amount = P*((n+r)/n)^n

2163.2 = 2000 *( 1 + 0.04 )^ n*t
1.08 = *( 1 + 0.04 )^ n* 1
ln 1.08 = 1 n *ln 1.04
0.08 = 1 0.04 *n
2 = n
2 years
m.ananth@hotmail.ca