Question

find the time taken for rupees 12502 on an interest of rupees 1020 at the rate of 4% compounded annually​

Answer 1

t = 63.897 years

Explanation:

Simple interest rate formula: A = P(1 + r)^t

Simply plug in what we know and solve:

12502 = 1020(1 + 0.04)^t

6251/510 = 1.04^t

log base 1.04 of (6251.510) = 63.897