In how many years a sum of $50,000 becomes $57,245 at the rate of 7%
compounded annually?
metti
Divyarupa Support​

1 thought on “In how many years a sum of $50,000 becomes $57,245 at the rate of 7%<br /> compounded annually?<br />metti<br />Divyarupa Support​”

1. Step-by-step explanation:

   Question:–

   In how many years,a sum of $50,000 becomes $57,245 at the rate of 7% compounded annually ?

   Answer:–

   Given :–

   • Principal is $50,000

   • Amount is $57,245

   • Rate is 7%

   To find :–

   Time taken by the above principal to convert into the given amount

   Process :–

   As we know that:-

   [tex]⇒Amount = P (1+ \frac{r}{100} {)}^{n} \\ \\ [/tex]

   Inserting the values in the formula:–

   [tex]⇒57,245 = 50,000 (1+ \frac{7}{100} {)}^{n} \\ \\ ⇒57,245 = 50,000 ( \frac{107}{100} {)}^{n} \\ \\ ⇒ \frac{57,245}{50,000} = (\frac{107}{100} {)}^{n} \\ \\ ⇒ \frac{11449}{10000} = (\frac{107}{100} {)}^{n} \\ \\ ⇒( \frac{107}{100} {)}^{2} = ( \frac{107}{100} {)}^{n} \\ \\ ⇒2 = n \\ \\ ⇒n = 2[/tex]

   ∴ The principal will become equal to amount after 2 years.

   ────────────────────────────

   Hope it helps you…

   #Be brainly

   Reply