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Question
In how many years will Rs. 15,625 amount to Rs. 17,576 at 4% p.a., compound interest?
Solution
A = ₹ 17,576, P = ₹ 15,625,
r = 4%, n = ?
A = P`(1 + r/100)^n`
17,576 = 15,625`(1 + 4/100)^n`
`(17,576)/(15,625) = (1 + 1/25)^n`
`(17,576)/(15,625) = ((26)/(25))^n`
`((26)/(25))^3 = ((26)/(25))^n`
n = 3 years.
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