Find the least number of years for which annuity of 1000 must run in order that its amount exceeds rupees 16000 at 5% per annum compounded monthly
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Step-by-step explanation:
A=p(1+r/100)^n
A=16000(1+5/100)^3
A=16000×105×105×105÷100×100×100
A=18522rp
ci=18522-16000=2522
Note: I have sent you the explanatin, you have to solve ourself for your practice and do better.
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