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John Jamison wants to accumulate $78,000 for a down payment on a small business. He will invest $39,000 today in a bank account paying 8% interest compounded annually. Approximately how long will it take John to reach his goal?

Respuesta :

Answer:

It will take 9 years jhon to reach the goal

Explanation:

We have given final amount A = $78000

Present amount P = $39000

Rate of interest = 8%

We have to find the time

We know the formula of final amount

[tex]A=P(1+\frac{r}{100})^n[/tex], here A is final amount, P is present amount, r is rate of interest, n is number of period

[tex]78000=39000(1+\frac{8}{100})^n[/tex]

[tex]2=1.08^n[/tex]

n = 9 years

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