$10000 deposit in a bank at the rate of 18% per annum amounted to $22600 in few years. find the time taken.
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Step-by-Let the time be n years
Then the total amount received at the end of n years is 22600. This amount = principle + interest.
Therefore the total interest over n years = 22600 - 10000 = 12600
Now we apply the formula for si,
Si = p * rate * time / 100
12600 = 10000* 18*n / 100
=> n = 126/18 = 7 yearsstep explanation:
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