12. In what time will *15625 amount to 17576 at 4% per annum compound interest?
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Answer:
t=3 years
Step-by-step explanation:
Formula for calculating the compound interest = A = P (1 + r/100)t
Where, A = Amount after ‘t’ time
P = principal amount
r = rate of compound interest
t = time
Now, according to the question,
17576 = 15625 (1 + 4/100)t
⇒ 17576/15625 = (26/25)t
⇒ (26/25)t = (26/25)3
⇒ t = 3 years
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