If you have rs. 2400 in your account and the interest rate is 5% after how many years would you earn rs.240 as interest
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Answered by
4
It would take 2 years to earn 240/- as interest.
FV= PV ( 1+R) ^n
(2400+240) = 2400 (1+.05)^n
2640/2400= (1.05)^n
1.05^n = 1.1
By solving n= 2 years
FV= PV ( 1+R) ^n
(2400+240) = 2400 (1+.05)^n
2640/2400= (1.05)^n
1.05^n = 1.1
By solving n= 2 years
Answered by
0
In 2 yrs yoh will earn rs.240 as interest
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