At what percent per annum will a sum of rupees 8000 amount to rupees 9261 in 3 years if the interest is compounded annually?

1. In what time (in years) will Rs. 8000 amount to Rs. 9261 at 5% per annum, compounded annually?

Let the time be T years.Given that , Amount ( A ) = Rs. 9261 , P = Rs. 8000 , Rate = 5% We can find required answer with the help of given formula ,

∴ A = P		1 +	R		T
100

⇒ 9261 = 8000		1 +	5		T
100

⇒	9261	=		1 +	1		T
8000	20

⇒		21		3	=		21		T
20		20

⇒  T = 3 years