Question

in what time will 1600 amounts to 1764 at 5%compounded annually

Answer 1

Principle = 1600
Amount = 1764
S.I = Principle subtracted from Amount
1600 subtracted from 1764
164
Rate = 5%
Time = S.I × 100 ÷ P× T
164× 100 ÷ 1600 × 5
gives you 2.05 years

Answer 2

It will take 2 years for 1600 amounts to 1764 at 5%compounded annually

Step-by-step explanation:

Principal = 1600

Amount = 1764

No. of compounds per = n = 1

Rate of interest = 5% = 0.05

$Amount = P(1+r)^t$

$1764=1600(1+0.05)^t$

$\frac{1764}{1600}=(1.05)^t$

$(1.05)^2=(1.05)^t$

So, t = 2 years

Hence It will take 2 years for 1600 amounts to 1764 at 5%compounded annually

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