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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 .
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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 .

User Archie Gertsman
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1 Answer

2 votes

Answer:

5

Explanation:

FV =PV(1+r)^n

3445.51= 2400(1+0.075)^n

n=4.836

n is about 5

User Ccgillett
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