In what time (in years) will Rs. 8000 amount to Rs. 9261

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

On equating powers both sides , we get
⇒ T = 3 years