Question

You want to save ₹1,17,000 to buy your first self-driving magic carpet. You deposit ₹90,000 in a bank at an interest rate of 6 % 6%6, percent per annum. How many years do you have to wait before you can buy your magic carpet?

Answer 1

Answer: is 5

all you have to do is \(^o^)/

(1,17,000−90,000)=27,000

1 year =6%of 90,000

1%of 90,000=900

6% of 90,000=(6*900)

1 year =5400

27,000 u divide that by 5400=5 soooooooooo......

ITs Five 5

Answer 2

4.50 yr

Explanation:

I assume that this is compound interest.

The compound interest equation is

`A = P(1+ (r )/( n))^(nt)`

You don't give the frequency of compounding, so I assume that it is once per year.

Data:

A = ₹117 000

P = ₹90 000

r = 6 % = 0.06

n = 1

Calculations:

`117 000 = 90 000(1+ (0.06 )/( 1))^(1 * t)`

`117 000 = 90 000(1+ 0.06)^(t)`

Divide each side by 90 0000

`1.3 = 1.06^(t)`

Take the logarithm of each side

log1.3 = tlog1.06

0.1139 = 0.025 31t

Divide each side by 0.025 31

t = 4.50 yr

You can buy your magic carpet in 4.50 yr.