the intrest on a sum rs 2000 is being compounded annually at the rate of 4%per annum. find the period for which the compounded interest is rs 163.20 ?
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Answer:
2years and 4 four months
Step-by-step explanation:
intrest per annum = 2000*4/100=80
intrest per month=80/12=6.666
period of intrest =163.20/80=2.04
that's the intrest is for 2 years and 4 months respectively.
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