Question

In how many years will $ 1600 amount to $ 1852.20 at 5% per annum when compounded annually?

Answer 1

3 years

Explanation:

1600*
`1.05^(x)`=1852.20

1852.20/1600=
`1.05^(x)`

1.157625 =
`1.05^(x)`

`log_(1.05) 1.157625= x`

x= 3

thus 3 years