Answer: 1year, 3 months
Step-by-step explanation:
According to the question,
Principle = Rs 3000
Amount = Rs 4234
Rate = 9% = 9/100 = 0.09
Time = n.
From the Formula:
P( 1 + r )ⁿ = A
A => P ( 1 + r)ⁿ
A=> 3000( 1 + 0.09 )ⁿ
4234=> 3000 ( 1 + 0.09 )ⁿ
Divide both sides by 3000
1.41 = (1.09)ⁿ
Divide both sides by 1.09
n = 1.29 approximately 1.3
Therefore, a sum of Rs.3000 amount to Rs.4234 at 9% pa compounded annually in 1 year, 3 months.
I hope this helps.
