Question

Jaspir invested £2400 for years in a savings account. He was paid 7.5% per annum compound interest. At the end of the years he had £3445.51 in the savings account. Work out the value of .

Answer 1

5

Explanation:

FV =PV(1+r)^n

3445.51= 2400(1+0.075)^n

n=4.836

n is about 5