Question

2.556 billion growing at a rate of 1.68% how long until it reaches 2.78 billion

Answer 1

Number of year = 5.042 years (Approx)

Explanation:

Given:

Amount = 2.556 billion

Future amount = 2.78 billion

Growth rate = 1.68% = 0.0168

Find:

Number of year = ?

Computation:

`Future\ amount =Amount(1+g)^n\\\\2.78 = 2.556(1+0.0168)^n\\\\2.78 = 2.556(1.0168)^n\\\\n =5.042`

Number of year = 5.042 years (Approx)