Compound Interest Practice Test 1

Question : 12 of 40

Marks: +1, -0

In how many years does a sum of Rs 57,200 amount to Rs 63,063 at 10.25% p.a. compounded annually?

Solution:

63,063 = 57,200 (1+10.25/100)^t

4851/4400=(441/400)^t

(441/400)^1=(441/400)^t

So, time = 1 year

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