Answer to Question #308650 in Financial Math for Shiv

Question #308650

How long does it take for 900 to accumulate to 1000 under an interest rate of 4% per annum?

Expert's answer

"A=P(1+rt)"

"1000=900(1+0.04\u00d7t)"

"\\frac{1000}{900}=1+0.04t"

"\\frac{10}{9}-1=0.04t"

"\\frac{1}{9}=0.04t"

"t=\\frac{1}{9}\u00f70.04=2.78 years"

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