find the timed in which he sum Rs. 2550 will raise to Rs. 2890 at 25/4% P.A. rat,
compounded annually
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To solve this question, we need to take note of the accumulation factor which is (1+i)^n.
The principal is(C) =2550
Accumulated amount (A)=2890
A=C(1+i)^n
i=25/4=6.25%
2550(1.0625)^n=2890
Dividing both sides by 2550:
(1.0625)^n = 1.1333
Taking logarithms on both sides:
nLog(1.0625)=log 1.1333
0.02633n=0.05434
n=2.064
Time:2.064years
The principal is(C) =2550
Accumulated amount (A)=2890
A=C(1+i)^n
i=25/4=6.25%
2550(1.0625)^n=2890
Dividing both sides by 2550:
(1.0625)^n = 1.1333
Taking logarithms on both sides:
nLog(1.0625)=log 1.1333
0.02633n=0.05434
n=2.064
Time:2.064years
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