Question

In how many a sum of 6400, compounded quartely at the rate of 5% pa will amount to 6561

Answer 1

Explanation:

Let, the number of years be = n

ie, 6400{1+(5/4)/100}n=6561

or, (101.25/100)n=6561/6400

or, 1.0125n=1.02515625

or, 1.025n=1.0252

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or, n=2