In how many days will $770.00 grow to $880.00 at 11.5% p.a. compounded monthly.
Answers
Answer:
in 420 days 770 will grow to 880
Given : principal, P = $770
final amount, A = $ 880
rate of interest, r = 11.5 % pa
To find : using formula,
C.I = P(1 + r/100)ⁿ
⇒880 = 770(1 + 11.5/100)ⁿ
⇒880/770 = (1 + 0.115)ⁿ
⇒8/7 = (1.115)ⁿ
⇒1.142857 = (1.115)ⁿ
⇒ln(1.142857) = n ln(1.115)
⇒n = ln(1.142857)/ln(1.115) = 1.226 years
we know, 1 year = 365 days
n = 1.226 × 365 days = 447.49 days ≈ 447.5 days
Therefore the required number of days is 447.5 days.
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