Question

In what time will Rs 15625 amount to Rs 17576 at 4% per annum compound interest ?

Answer 1

we know CI = $P(1+R/100)^{T}$
⇒       17576 = $15625(1+4/100)^{T}$
⇒26x26x26= $25x25x25(26/25)^{T}$
⇒    26³/25³= $(26/25)^{T}$

∴$(26/25)^{T}$ = (26/25)³
Therefore time T = 3 yrs