In what time will ₹ 15625 amount to ₹ 17576.

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

Solution:

It is given that
Amount (A) = ₹ 17576
Principal (P) = ₹ 15625
Rate = 4% p.a.
Consider n years as the period
We know that
A/P = (1 + r/100)ⁿ
Substituting the values
17576/15625 = (1 + 4/100)ⁿ
By further calculation
(26/25)³ = (26/25)ⁿ
So we get
n = 3

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