Question

An amount of 3240 has to be returned for a principal of 2560 borrowed at interest of 2.5percentag annum compounded annually find the time period after which this amount is returned​

Answer 1

Step-by-step explanation:

A=3240

P=2560

r=2.5pa compounded annually

a= p(1+r/100)^n

3240=2560(1+2.5/100)^n

3240/2560=(1.025)^n

81/64=(1.025)^n

√81/64=1.025

9/8=1.025

x= 1.025*8/9

x=.091