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The business was valued at £17000 at the start of 2011. In 6 years, the value of this business was raised to £186000. This is equivalent to a yearly increase of 49.0%.
Given that, A=£17000, P=£186000, r=x%, t=6 years
<h3>What is compound interest?</h3>Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.
We know that,
Wow,
⇒
⇒
⇒
⇒x=48.91%~49.0%
Therefore, the value of x is 49.0%.
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