Solution
Using the Formula
A=Pert
Here A is the amount accumulated, P is the principal amount invested, r is the interest rate and t is the tenure.
Therefore, we can write,
48328=35000(ert)
ert=3500048328
ert=1.3808
ln(ert)=ln(1.3808)
rt×ln(e)=ln(1.3808)
rt×(1)=ln(1.3808)
t=rln(1.3808)
Therefore, knowing the value of r, we can find the tenure.
For example if r=6.8%
Then
t=6.8%ln(1.3808)
t=0.068ln(1.3808)
t=4.745 years
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