Question

Answer my questions Question number 3 please

Answer 1

CI = Principal (1 + r/100)^t - Principal

5044 = 32000 (1 + 5/100)^t - 32000

5044 = 32000 (1 + 1/20)^t - 32000

32000 + 5044 = 32000 (21/20)^t

37044 = 32000 (21/20)^t

32000 (21/20)^t = 37044

(21/20)^t = 37044/32000

(21/20)^t = 9261/8000

(21/20)^t = (21/20)³

So we get t = 3 years