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Question
In what time will Rs 15625 amount to Rs 17576 at 4% p.a. compound interest?
Solution
Here P = Rs.15625, A = 17576, r = 4%
Now, `"P"(1 + "r"/100)^"t"` = A
⇒ `15625(1 + 4/100)^"t"`
= 17576
⇒ `(26/25)^"t"`
= `(17576)/(15625)`
= `(26/25)^3`
By comparing powers, t = 3
Hence time is 3 years.
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