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Ex mple 13: In what time will5,400 amount to6,773.76 at 12% per annum compound

Answer»

𝑬𝒙𝒑𝒍𝒂𝒏𝒂𝒕𝒊𝒐𝒏

We know that formula for compund interest=A=P(1+R/100)^nwhere 𝑵 𝒊𝒔 𝒕𝒉𝒆 𝒕𝒊𝒎𝒆so 6773.76= 5400(1+12/100)^n=>112/100^n=677376/5400×100=>112/100^n=12544/1000=>n=2



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