How long will it take $ 47000 placed in a savings account at 10% interest to grow into $ 72000?
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
72000=47,000*(1.1)^n
(72000/47,000)=(1.1)^n
Taking log on both sides;
log (72000/47,000)=n*log 1.1
n=log (72000/47,000)/log 1.1
=4.48 years(Approx).
How long will it take $ 47000 placed in a savings account at 10% interest to grow into $ 72000?
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