Principal = 5 3 0 0 =5300equals, 5300 rupees Annual rate of interest = 6 . 5 % =6.5%equals, 6, point, 5, percent Total amount = 6 6 7 8 =

Question

Principal = 5 3 0 0 =5300equals, 5300 rupees Annual rate of interest = 6 . 5 % =6.5%equals, 6, point, 5, percent Total amount = 6 6 7 8 =6678equals, 6678 rupees Period = =equals years

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    2021-09-10T04:14:19+00:00

    The formula is

    A=p (1+r)^t

    A future value 6678

    P present value 5300

    R interest rate 0.065

    T time?

    6678=5300 (1+0.065)^t

    6678/5300=(1+0.065)^t

    Take the log for both sides

    Log (6678/5300)=t×log (1+0.065)

    Divide both sides by log (1+0.065)

    T=(log(6,678÷5,300)÷log(1+0.065))

    T=3.7 years

    Hope it helps!

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