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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 $n$ .

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1.2

answer is B.

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Detailed Solution

Given,
Principal, P = Rs 12000
Time period, t = n years
Interest rate, r = 5% per annum
A = 13230
If P be the principal amount that is compounded yearly at an annual interest rate of r then the future value, Amount after t years is given by,

⇒ A = 2400 1 + 20100 3 ⇒ A = 24001201003 ⇒ A = Rs 4147.2

⇒

13230 = 12000 1 + 5100 n

⇒ 1323012000 = 1 + 0.05 n ⇒ 1.1025 = 1.05 n ⇒ 1.05 2 = 1.05 n

⇒

n = 2

Thus, the value of n is 2
Hence, the correct option is 2.

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