in how much time will a sum of Rs 1600 amount to Rs 1852.20 5% per annum compound interest
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in how much time will a sum of Rs 1600 amount to Rs 1852.20 5% per annum compound interest
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Given A = 1852.20, P = 1600, R = 5%.We know that A = P(1 + r/100)^n
1852.20 = 1600(1 + 5/100)^n
1852.20 = 1600(105/100)^n
1852.20 = 1600(1.05)^n
1852.20/1600 = (1.05)^n
1.157625 = (1.05)^n
(1.05)^3 = (1.05)^n
n = 3.
Therefore in 3 years the rupees 1600 amount to rupees 1852.20 at 5% P.A.
Hope this helps!
Answer: After 3 years, the sum will amount to Rs. 1852.20.
Step-by-step explanation:
Since we have given that
Principal = Rs. 1600
Amount = Rs. 1852.20
Rate of interest = 5% p.a.
We need to find the time using compounded annually formula.
So, it becomes,
Hence, After 3 years, the sum will amount to Rs. 1852.20.