1. A certain amount grows at an annual interest rate of 12%, compounded monthly. Which of the following equations can be solved to find the number of years, y, that it would take for the investment to increase by a factor of 64 ?
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By: anil on 05 May 2019 02.27 am
Rate of interest = 12% p.a. = 1% per month Time = $$12y$$ months Let principal = Re 1 and thus amount = Rs. 64 $$ herefore$$ $$A=P(1+frac{R}{100})^T$$ => $$64=1(1+frac{1}{100})^{12y}$$ => $$64=(1.01)^{12y}$$ => Ans - (A)
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