Question

In how many years a sum of $50,000 becomes $57,245 at the rate of 7%
compounded annually?
metti
Divyarupa Support​

Answer 1

Step-by-step explanation:

Question:-

In how many years,a sum of $50,000 becomes $57,245 at the rate of 7% compounded annually ?

Answer:-

Given :-

• Principal is $50,000

• Amount is $57,245

• Rate is 7%

To find :-

Time taken by the above principal to convert into the given amount

Process :-

As we know that:-

$⇒Amount = P (1+ \frac{r}{100} {)}^{n}$

Inserting the values in the formula:-

$⇒57,245 = 50,000 (1+ \frac{7}{100} {)}^{n} \\ \\ ⇒57,245 = 50,000 ( \frac{107}{100} {)}^{n} \\ \\ ⇒ \frac{57,245}{50,000} = (\frac{107}{100} {)}^{n} \\ \\ ⇒ \frac{11449}{10000} = (\frac{107}{100} {)}^{n} \\ \\ ⇒( \frac{107}{100} {)}^{2} = ( \frac{107}{100} {)}^{n} \\ \\ ⇒2 = n \\ \\ ⇒n = 2$

∴ The principal will become equal to amount after 2 years.

────────────────────────────

Hope it helps you...

#Be brainly