In what time will Rs. $8000$ amount to Rs. $8820$ at $5 %$ p.a. compounded annually?

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Solution

$8000 \times (1.05)^{n} = 8820$
${1.05}^{n} = \frac{441}{400}$
$n = \frac{log \frac{441}{400}}{log 1.05} = 2$

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