Question

find the time period when 6540 and amount of 8238. 50 at 8% per annum compounded annually​

Answer 1

Compound amount after n years

= P * (1+ (r/100))^n.

8238.50 = 6540 * (1+(8/100))^n

(108/100)^n = 8238.50 / 6540.

n = 3.

Time 3 years.

Answer 2

compound amount after n years

=p* (1+(r/100) ^n

8238.50 = 6540* (1+(8/100)) ^n

n = 3

time 3 years