Question

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

Answer 1

Answer:

Step-by-step explanation:

After 1.6 years, the amount will produce 408 as compound interest.

Step-by-step explanation:

Consider the correct question is,

At what time will a sum of rupees 5000 produce rupees 408 as compound interest at 5% per annum?

Since, the compound interest formula is,

Where,

P = principal amount,

r = annual rate of interest,

t = number of years,

n = number of compounding periods,

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.

Answer 2

Answer:

After 1.6 years, the amount will produce 408 as compound interest.

Step-by-step explanation:

Consider the correct question is,

At what time will a sum of rupees 5000 produce rupees 408 as compound interest at 5% per annum?

Since, the compound interest formula is,

Where,

P = principal amount,

r = annual rate of interest,

t = number of years,

n = number of compounding periods,

Here, P = 5000, I = 408, r = 5% = 0.05, n = 1,

By substituting the values,

Step-by-step explanation: