Find the time in which Rs 400 will amount to Rs 427 at 5% per annum compounded annually
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Answer:
Time period is 2 years approximately
Step-by-step explanation:
Amount = P(1 + R/100) ^ T
427 = 400 ( 1 + 0.05) ^ T
427 / 400 = 1.05 ^ T
1.0675 = 1.05 ^ T
T = 2 years approx.
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