Question

At what rate percent will a sum of 5000 produce 408 as compound interest at 5% per annum​

Answer 1

Answer:

0.05

Step-by-step explanation:

Here, P = 5000, I = 408, r = 5% = 0.05, n = 1, By substituting the values, Taking ln both sides, Hence, after 1.6 years, the amount will produce 408 as compound interest.