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In what time will ₹ 15625 amount to ₹ 17576 at 4% per annum, compounded yearly?
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- 4 years
- 2.5 years
- 3 years
- 3.5 years
Correct Option: C
Here , A = ₹ 17576 , P = ₹ 15625 , r = 4% per annum
We can find required answer with the help of given formula ,
| A = P |  | 1 + |  | t | |
| 100 |
| ⇒ | | 1 + | | t | = | ||
| 100 | P |
| ⇒ | | 1 + | | t | = | ||
| 100 | 15625 |
| | t | = | = | | | 3 | |||
| 25 | 15625 | 25 |
Equating powers on both sides , we get
∴ t = 3 years.
