How long will it take $46,000 placed in a savings account at 10% interstate's to grow into $71,000?
a. 3.55 years
b. 6.55 years
c. 5.55 years
d. 4.55 years
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
71,000=46,000*(1.1)^n
(71,000/46,000)=(1.1)^n
Taking log on both sides;
log (71,000/46,000)=n*log 1.1
n=log (71,000/46,000)/log 1.1
=4.55 years(Approx).
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