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I have R$12~000$ to invest.  I need the money to grow to at least R$30~000$.  If it is invested at a compound interest rate of $13\%$ per annum, for how long (in full years) does my investment need to grow?
in Grade 12 Maths by Diamond (50,545 points) | 19 views

1 Answer

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use compound interest formula

30 000=12 000(1+0.13)^n

   30 000/12 000 = (1+0.13)^n

          nlog(1.13) =log 30 000/12 000

   n= log30000/12000/(log1.13)

   n= 7.497 = 7.50 years
by Diamond (39,535 points)

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