In how many
years will
& 5000 amount to 6298.58
at 8% per annum compounded annually?
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In how many
years will
& 5000 amount to 6298.58
at 8% per annum compounded annually?
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Answer
ANSWER
Given, Pricnipal=Rs. 5000
Rate =8%
Time =1 year, ⟹n=2∵ Compounded half-yearly
A=P(1+ r/ 2.100) n
A=5000(1+ 8/ 200)2
A=5000(208 / 200 ) ( 208 / 200 )
A=5408
C.I=A−P
=5408−5000
=408
C.I.=408
hope it help