An amount of Rs 6480 has to be returned for a sum of Rs 5120 borrowed at 12 1/2% Comounded annually. Find the time after which this amount is returned.
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Answer:
Let the time be
A=6480
R=25/2%
P=5120
therefore A=P (1+R BY 100)
6480=5120 (1+25/2/100)
81/64=(9/8)
(9/8)=(9/8)
therefore =2
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