Question

Brian invests £8500 into his bank account.
He receives 5% per year compound interest.
How many years will it take for Brian to have more than £10000?

Answer 1

Given :

Sum =  £8500

Rate of interest = 5% per year

Amount must be more than £10000.

To find :

Number of years = ?

Solution :

$A=P(1+\dfrac{r}{100})^n\\\\10000=8500(1+\dfrac{5}{100})^n\\\\\dfrac{10000}{8500}=(1+0.05)^n\\\\1.1765=(1.05)^n\\\\n\approx 3$

Hence, it will take approximately 4 years to have more than £10000.

Answer 2

Answer:

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Step-by-step explanation:

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