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2014-07-29T11:58:00+05:30

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P = 8000      r = 5% = 0.05    n = unumber of years
9261 = 8000 (1 + 0.05)^n
9261 / 8000  =  1.05 ^n
take logarithms
log 9261 /8000  =  n  log 1.05
 n  =  (1/ log 1.05)  log  1.157  years  = 2.99  = 3 years nearly
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2014-07-29T12:06:35+05:30

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A = P ( 1 +  \frac{r}{n}) ^{n.t}

Where, A= amount, P = Principal, n= no.of times it is compounded (here n=1), r=5% , t=?

Now putting the values,

9261 = 8000 (1 +  \frac{5}{100}) ^{1.t}

 \frac{9261}{8000}  (\frac{21}{20} ) ^{t}

 (\frac{21}{20}) ^{3}   (\frac{21}{20}) ^{t}

Now comparing both sides,
we get,
t = 3 years (Answer).
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