00:01
Hello students, in this question, we have to find out the number of years it will take for 1 ,30 ,000 to grow to be 4 ,68 ,000 in annual interest rate of 8.
00:11
So, we can use the formula of compound interest which is future value is equal to present value into 1 plus ir interest rate n power n.
00:21
So, in this case, we'll put up the values.
00:25
So, it will be future value is 4 ,68 ,000 is equal to present value 1 ,30 ,000 into 1 plus r is 0 .08 number of years we need to find out.
00:41
So, dividing both the sides by it will be 1 ,36 ,000 divided 3 .4412 is equal to 1 .08 to power n.
00:58
So, taking the log of both sides taking log both sides...