How many years will it take for INR 136,000 to grow to be INR 468,000 if it is invested in an account with an annual interest rate of 8%, when compounding takes place semi-annually

To solve this problem, we will use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = the time the money is invested for in years

We know: A = INR 468,000 P = INR 136,000 r = 8% or 0.08 (in decimal) n = 2 (since it is compounded semi-annually)

We need to find t.

Let's rearrange the formula to solve for t:

t = ln(A/P) / n[ln(1 + r/n)]

Substituting the given values into the formula:

t = ln(468000/136000) / 2[ln(1 + 0.08/2)]

After calculating the above expression, we get the value of t. This will give us the number of years it will take for INR 136,000 to grow to be INR 468,000 if it is invested in an account with an annual interest rate of 8%, when compounding takes place semi-annually.