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Blababa [14]
2 years ago
8

If you deposit Tsh 4000 into an account paying 9% annual interest compound monthly ,low long until there is Tsh 10000 in the acc

ount?
Mathematics
1 answer:
pav-90 [236]2 years ago
5 0

Answer:

It will take 10.63 years.

Step-by-step explanation:

Giving the following information:

Present value (PV)= $4,000

Future Value (FV)= $10,000

Interest rate (i)= 9% annual compounded

<u>To calculate the time required to reach $10,000, we need to use the following formula:</u>

n= ln(FV/PV) / ln(1+i)  

n= number of years

n= ln(10,000 / 4,000) / ln(1.09)

n= 10.63

It will take 10.63 years.

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