Question

In how many vears will * 9000 amount to 11979 at 10% per annum compound
interest?
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Answer 1

Answer:

3 years

Step-by-step explanation:

P = 9000  r = 10%

MV = 11979

MV = P(1 + $\frac{r}{n}$ )$^{n (t)}$

11979 = 9000(1 + $\frac{0.01}{1}$)$^{1(t)}$

$\frac{11979}{9000}$ = (1.1)$^{(t)}$

1.331 = $1.1^{3}$

t = 3 years