Question

Brian invests £4000 into his bank account.

He receives 7% per year compound interest.
How many years will it take for Brian to have more than £8000?

Answer 1

It will take for Brian 7.14 years.

Explanation:

I=PRT

4,000=8,000*7/100*T

4,000=560T (then you divide 560 from both sides.)

T=7.14

Answer 2

It will take Brian 10 years to have more than 8000