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  4. In what time will the sum of ₹ 1875 yield a compound interest of ₹ 477, at 12 % per annum, compounded annually?

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Q. In what time will the sum of $₹ 1875$ yield a compound interest of $₹ 477$, at $12 \%$ per annum, compounded annually?

Simple Interest and Compound Interest

Solution:

(i) Use C.I. $=P\left(1+\frac{R}{100}\right)^N-P$ and evaluate $N$.
(ii) C.I. = ₹ $477, P=₹ 1875$ and $R=12 \%$, find $n$.