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Yuki888 [10]
3 years ago
14

£5200 invested at 2.8% compound interest per annum. How many years will it take to exceed £7000

Mathematics
1 answer:
DIA [1.3K]3 years ago
4 0

Answer:

Years = {log(total) -log(Principal)} ÷ log(1 + rate)

Years = log 7,000 - log 5,200 / log (1.028)

Years = (3.84509804 -3.7160033436) / 0.011993114659

Years = 10.7641

Source: https://www.1728.org/compint.htm

Step-by-step explanation:

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See answer and graph below

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