Question

In how many years will 5810 amount to 31044, the rate of interest being 22% per
annum?

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Answer 1

Answer:

the required rate of interest is 10 % per annum

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Answer 2

Answer:

22 years

Step-by-step explanation:

original amount = 5810

obtaining amount 31044

Profit = 31044 - 5810 = 25234

rate = 22%

Duration := ?

Duration = Profit * 100 / rate * original amount

= 25234 * 100 / 22 * 5180

= 2523400 / 113960

=22 years