Question

In what time, will ₹64000 amount to ₹68921 at 21⁄2 % per annum, when the interest is being compounded annually.

Answer 1

Answer:

n = 3

Step-by-step explanation:

An = 68,921 ,P = 64,000 , r = 2 1/2% = 2.5%

An = P(1+r/100)^n

68,921 = 64,000[1+(2.5)/100]^n

68,921/64,000 = (1.025)^n

1.076890625 = (1.025)^3

(1.025)^3 = (1.025)^n

=>> n = 3