Find the period in which Rs. 4,050
changes to Rs. 4,844.40 when the
interest of 12% per annuum is compounded
monthly
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Principle amount = Rs. 4,050
Total amount to Rs. 4,844.40
the interest of 12% per annuum is compounded
monthly
T =?
Calculate:
Time (t)
Where: t = log(A/P) / n[log(1 + r/n)]
Total P+I (A): $ 4,844.40
Principal (P): $ 4,050.00
Rate (R): % 12
Compound (n): Compounding Monthly (12/Yr)
Answer:
t = 1.5 year
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