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August 27, 2014

August 27, 2014

Posted by **judith** on Wednesday, April 20, 2011 at 8:07pm.

- maths -
**MathMate**, Thursday, April 21, 2011 at 12:04pmLet n = number of years required:

Compound interest:

3P=P(1.095)^n

Solve for n:

3=1.095^n

take log on both sides:

n log(1.095)=log(3)

n = log(3)/log(1.095)

Simple interest:

3P=P(1+0.095*n)

Solve for n:

n=(3-1)/0.095 = 2/0.095

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