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Pallavi deposit 46825 in the bank in how many years will this sum yield a compound interest of 5853 at the rate of 8% per annum compounded semi annually?
Answer given is 1 AND HALF YEAR
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Here is ur answer
Principal Amount :- Rs. 46875
Compound interest :- Rs. 5853
Interest rate :- 8%
We gotta add P.A and C.I. to get total amount
Total amount = 46875 + 5853 = Rs 52728
Using the formula
A = p(1 +r/100)^t
52728 = 46875( 1 + 8/100)^t
1.08 t = 52728 ÷ 46875
1.08 t = 1.125
t log 1.08 = log 1.125
n = log 1.125 / log 1.08
➡️ n = 1.53 years
Principal Amount :- Rs. 46875
Compound interest :- Rs. 5853
Interest rate :- 8%
We gotta add P.A and C.I. to get total amount
Total amount = 46875 + 5853 = Rs 52728
Using the formula
A = p(1 +r/100)^t
52728 = 46875( 1 + 8/100)^t
1.08 t = 52728 ÷ 46875
1.08 t = 1.125
t log 1.08 = log 1.125
n = log 1.125 / log 1.08
➡️ n = 1.53 years
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