Question

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In what time will 5120 amount to 7290 at 12 1/2% per annum compounded annually?
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Answer 1

Answer:

The time will be "3 years".

Step-by-step explanation:

The given values are:

Principle,

P = 5120

Amount,

A = 7290

Rate,

r = 12.5

Time,

n = ?

As we know,

⇒  $A = P[1+\frac{r}{100} ]n$

On substituting the values, we get

⇒  $7290=5120[1+\frac{12.5}{100} ]n$

On applying cross-multiplication, we get

⇒  $\frac{7290}{5120}=[1+\frac{125}{100}\times 100 ]n$

⇒  $\frac{9}{8}\times 3=[8+\frac{1}{8} ]n$

⇒  $n = 3 \ years$