Compound interest formulaAccumulated sum= P(1+r)^twhere P=present valuer=interest per periodt=number of periods Given P=48000 i=7% per year accumulated sum = 121 Need to find t
Apply compound interest formula 121000=48000(1.07)^n Divide by 48000, and take log on both sides n*log(1.07)=log(121000/48000) n=log(121000/48000)/log(1.07) =13.666 years
Ans. it will take 13.7 years the initial deposit will reach 121000
