Compound Interest Practice Test 3

Question : 3 of 40

Marks: +1, -0

In what time does Rs 15,288 amount to Rs 17,472 at 14.28% compounded annually?

Solution:

17,472 = 15,288 (1+14.28/100)^t

17472/15288=(1+1/7)^t

8/7=(8/7)^t

⇒ Time = 1 year

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