In how many years, the compound interest, if compounded annually on a sum of ₹60,000 at rate of 8% per annum is ₹9,984?

2

Given :-

Principal = Rs. 60000

Compound interest = Rs.9984

Rate = 8%

The formula that we used here is :-

Amount = Principal + Interest

Amount = P$(1 \;+\; \frac{R}{100})^t$

( 60000 + 9984 ) = 60000$(1 \;+\; \frac{8}{100})^t$

\(\frac{69984}{60000}\) = (  \(\frac{108}{100}\) )t

\(\frac{11664}{10000}\) = (  \(\frac{108}{100}\) )t

(\(\frac{108}{100}\))² = (  \(\frac{108}{100}\) )t

So, t = 2 years