Question

In what time would $155200 amount to
$161408 at the rate of 2% p.a.​

Answer 1

Step-by-step explanation:

Let in x years , Rs. 155200 amount to Rs. 161408

Interest =161408−155200=6208

Principal, P=155200

Rate of interest r=3% per annum

Time, t=x years

Simple interest =

100

P×r×t

6208=

100

155200×3×x

6208=4656x

x=

4656

6208

x=

3

4

years

x=

3

4

×12=16 months