Question

In what time will 5600 amount to 6720 at 8% per anum ?

Answer 1

Answer:

given principle = 5600

total amount after 'n' years = 6720

Interest = 6720-5600

            = 1120

I = PNR/100

1120 = (5600×8×n)/100

1120 = 56×8n

1120/(56×8) = n

1120/448 = n

2.5 = n

therefore number of years is 2.5 years.