Question

in how many years will 6850 amount to 8192 at 6 2/3% p.a componded anually

Answer 1

use formula ,
A=p(1+r/100)^n
given,
A=8192
P=6850
r=6 2/3 %=20/3 %
n=?

8192=6850{1+20/(3 x 100)}^n

8192/6850=(16/15)^n

(1.19)=(1.06666)^n

(1.06666)^3=(1.06666)^n
n=3
hence 3 years