Question

in how many years will 25000 amount to 31472.80 at 8% p.a. compund interest

Answer 1

Given,

Amount=A=31472.80

Rate=R=8%

Principal=P=25000

Now, Interest=I=A-P

I=31472.80-25000=6472.80

Now, Interest=I=P*R*T/100

Therefore,

TIME=T=I*100/P*R

T=6472.80*100/25000*8

Time=3 years 86 days