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Question
In what time will Rs 8,000 amount to Rs 12,167 at 15% per annum compounded annually?
Solution
P = Rs 8000 ; A = Rs 12167; r = 15% ; t=?
`therefore "A" = "P" (1 + "r"/100)^"n"`
Rs 12,167 = Rs 8,000 `(1 + 15/100)^"n"`
`12167/8000 = (1 + 15/100)^"n"`
`(23)^3/(20)^3 = (23/20)^3`
t = 3
T = 3 years
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