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You want to save ₹120,000 to buy your first self-driving magic carpet. You deposit ₹80,000 in a bank at an interest rate of 5%, percent per annul.

How many years do you have to wait before you can buy your magic carpet?

Respuesta :

calculista

Answer:

[tex]t=10\ years[/tex]

Step-by-step explanation:

we know that

The simple interest formula is equal to

[tex]A=P(1+rt)[/tex]

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

[tex]t=?\ years\\ P=R80,000\\ A=R120,000\\r=5\%=5/100=0.05[/tex]

substitute in the formula above

[tex]120,000=80,000(1+0.05t)[/tex]

[tex]1.5=(1+0.05t)[/tex]

[tex]0.05t=1.5-1[/tex]

[tex]0.05t=0.5[/tex]

[tex]t=10\ years[/tex]

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