In what time will rupees 5400 amount to rupees 6773.76 at 12 percent per annum compoynded annually
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Answer:
in half year
t = 1/2
Step-by-step explanation:
The formula for annual compound interest, including principal sum, is:
A = P (1 + r/n)^ (nt)
where A = amount after interest added (future value)
p = principal amount
r = annual interest rate = 12% = 12/100 =0.12
n =number of time compounded per year
t = the number of years the money is invested or borrowed for
A = P (1 + r/n)^ (nt)
6773.76 = 5400(1+ 0.12/1) ^ 1/t
6773.76/5400 = (1+ 0.12) ^ 1/t
1.2544 = (1.12) ^ 1/t
log(1.2544) = log(1.12) ^ 1/t
log(1.2544) = 1/t log(1.12)
log(1.2544) / log(1.12) = 1/t
2 = 1/t
2t =1
t = 1/2
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