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The period is 5 years.
Step-by-step explanation:
Using compound interest formula,
A=P(1+r)^tA=P(1+r)
t
Where, A is the amount A=Rs. 17,763
P is the principal P=Rs.9300
r is the interest rate r=13%=0.13
t is the time period
Substitute the value in the formula,
17763=9300(1+0.13)^t17763=9300(1+0.13)
t
\frac{17763}{9300}=(1.13)^t
9300
17763
=(1.13)
t
(1.13)^t=1.91
Taking log both side,
t\log (1.13)=\log (1.91)tlog(1.13)=log(1.91)
t=\frac{\log (1.91)}{\log (1.13)}t=
log(1.13)
log(1.91)
t=5.2t=5.2
Therefore, approximately the period is 5 years.
#Learn more
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