Find the time in which 12500 will produce 3246.40 as compound interest at 8% per annum, compounded annually.
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CI=3246.40
implies {12500(1+8/100)^n}-12500=3246.40
implies {12500(1+8/100)^n}=15746.40
implies (1.08)^n=15746.40/12500
implies (1.08)^n=1.259712
by hit and trial or by log table, n can be found as 3
implies {12500(1+8/100)^n}-12500=3246.40
implies {12500(1+8/100)^n}=15746.40
implies (1.08)^n=15746.40/12500
implies (1.08)^n=1.259712
by hit and trial or by log table, n can be found as 3
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