Find the time if 8000 lent at CL at 20% ato 8820; the interest being c – InterviewSolution

1.

Find the time if 8000 lent at CL at 20% ato 8820; the interest being compoquarterly.

Answer»

A = P * [1 + (r/100)]^(n/4)=> 8820 = 8000*[ 1+ 20/100]^(n/4)=> 8820/8000 = (6/5)^(n/4)=> (21/20)² = (6/5)^(n/4)=> n = 2.14 yrs

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