How long will it take for prices to double if the rate of inflation is 25 %per annum
3 answers
The sum of 80 dollars is saved in an account which gives 9 and half per annum compound interest, find the amount after 2 years
2 = 1.25^n
log 2 = n * log 1.25
n = 0.301/0.0969 = 3.1
not long :(
log 2 = n * log 1.25
n = 0.301/0.0969 = 3.1
not long :(
per the usual formula, the amount would be
80(1 + 0.095)^2
80(1 + 0.095)^2
0 answers