Question

at what rate percent will a sum of 5000 produce 408 as compound intrest at 5%per annum?

Answer 1

Step-by-step explanation:

p = 5000

ci = 408

r = 5%

a = 5000 + 408 = 5408

a = p * ( 1 - r/100)^t

5408 = 5000 * (95 / 100 ) ^t

5408 / 5000 = (19 / 20)^t

676 / 625 = (19/20) ^t