If interest on a savings account is paid monthly at an annual rate of $6 \frac{1}{4}$ percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

Created: 5 years ago | Updated: 3 years ago

Updated: 3 years ago

NCC Bank Ltd NCC Bank Ltd - Officer - 09.12.2011 গণিত সরল ও যৌগিক মুনাফা (Simple & Compound interest)

Explanation

835

Best Ans:

Here, Interest = Principal

We know, Interest = (prinicpal×time×rate)p/100

Interest = (interest × time ×61/4o/100

time = 100×4/25

Time = 16 years

5 years ago

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Md Azizur Rahman

FOUNDER OF SATT

সরল ও যৌগিক মুনাফা (Simple & Compound interest)