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

Question

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

in progress 0
Claire 3 months 2021-07-25T20:02:40+00:00 1 Answers 0 views 0

Answers ( )

    0
    2021-07-25T20:03:42+00:00

    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:-

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

    Inserting the values in the formula:

    ⇒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

    The principal will become equal to amount after 2 years.

    Hope it helps you…

    #Be brainly

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