Name: Anonymous 2009-04-21 15:04
£5 is deposited into a bank account. At 6% interest every year, how many years will it take to exceed £200?
It would be nice to confirm if
5*(1.06)^64=£208.23
is the correct answer.
If a geometric series is used and n>1+((log(200/5)/(log(106%)), would it also be 64 years, or 65?
It would be nice to confirm if
5*(1.06)^64=£208.23
is the correct answer.
If a geometric series is used and n>1+((log(200/5)/(log(106%)), would it also be 64 years, or 65?