14. Find the time, in years, in which 4,000 wil
produce 630.50 as compound interest
5 per cent p.a. interest being compounded
annually
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Step-by-step explanation:
630.50 as compound interest at a rate of 5%. So, using the formula of compound interest CI=P{[1+R100]N−1}, Here, P is the principle amount, CI is the compound interest, R is the rate of interest and N is the time period. So, after solving the above equations, we get the time period as 3 years.
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