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November 20, 2014

November 20, 2014

Posted by **CrissyXD** on Saturday, March 24, 2012 at 4:46am.

When Aaron invested $100 at 4.5% p.a. annually compounding, it amounted to $142.21. For how many years was it invested?

Is there a way to solve this question without using the formula for compound interest?

- Math -
**Reiny**, Saturday, March 24, 2012 at 9:04amYou could repeatedly divide by 1.045 until you reach appr 100

e.g.

142.21/ 1.045 = 136.086 -- once

136.086/1.045 = 130.2256 --twice

....

109.20/1.045 = 104.50 -- 7 times

104.50/1.045 = 100 -- 8 times

so it took 8 years

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