Question

11. How much time will it take for 5,000
to become 5,618 at 6% per annum
compounded annually?​

Answer 1

Answer:

Simple interest =5618-5000=618

Rate =6%

Principal =5000

Time=SI*100/R*P

=618*100/6*5000

=2.06 years

Answer 2

Answer:

It will take a time of 14 months

Step-by-step explanation:

INTEREST = AMOUNT-PRINCIPAL

5618-5000

618

INTERST=PRINCIPAL {(1+R)}^N

____

100

5000*106

(_____)^N

100

$(618 \times 100) \div (5000 \times 106) \\ 1.66 \\ 7 \div 6$

14 months