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An investment of R7 000 accumulates R8 261 in a certain interval of time at the rate of 4% per annum of compound interest. Find the time?

Solution

An investment of R7 000 accumulates R8 261 in a certain interval of time at the rate of 4% per annum of compound interest. Find the time?

Solution

Time : 4.22

Solution steps

Translate the problem into an equation:

8261 = 7000 (1 + \frac{0.04}{1})^{1 \cdot t}

Solve for

t, 8261 = 7000 (1 + \frac{0.04}{1})^{1 \cdot t} : t = 4.22

Time : 4.22

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