Question

find the time in years in which rupees 12500 will produce to 3246.40 compound interest at 8% per annum interest compounded annually explain with full solution

Answer 1

[tex]\text{Compound Interest is given by, } C=P[(1+r)^N-1]\\ \text{Time is derived through, } N=\log_{1+r}{(C/P+1)}-1=\log_{1.08}{(\frac{3246.40}{12500}+1)}-1[/tex]
$\text{Hence, } N=2 \text{ years}$