What is the value of n in the equation below? 12^n/ 12^5
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Answer:
37.84 years
Step-by-step explanation:
We apply the compound interest formula;
A = P(1+r)^n
In this case we have;
A = 11,900
P = 1,200
r = 6.25% p.a
We substitute these values into the above equation and solve for n, the number of years required.
11900 = 1200(1.0625)^n
9.91667 = 1.0625^n
n = 37.84 years