Question

Find the time required for Rs.15,625 to become Rs.19,683 at 8% per annum compounded annually

Answer 1

The time required for Rs.15,625 to become Rs.19,683 at 8% per annum compounded annually is 3 years

Step-by-step explanation:

Principal = Rs.15625

Amount = Rs.19683

Rate of interest = 8% = 0.08

$Amount = P(1+r)^t$

$19683=15625(1+0.08)^t$

$\frac{19683}{15625}=1.08^t$

$1.259712=1.08^t$

$1.08^3=1.08^t$

So, t = 3 years

Hence The time required for Rs.15,625 to become Rs.19,683 at 8% per annum compounded annually is 3 years

#Learn more:

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