Question

28. The time taken for 5,000 to amount to 5,408 at 4% per annum compound
interest is
years.
a) 1
b) 2
c) 3
d) 4

Answer 1

Answer:

5000 (1 + 0.04)n = 5408

» (1.04)n = 5408/5000

» (1.04)n = 1.08

» n ≈ 2