Question

in five years time you will require $150000 to pursue a degree in university. you currently have $75000. at a bank rate 14% can you have the sufficient funds to achieve your ambition?

ii. at what interest rate will you just be able to obtain the exact sum to finance your intended ambition?

Answer 1

I. P = Po + Po*r*t.

P = 75000 + 75000*0.14*5 =

II. 150,000 = 75000 + 75000*r*5.
r = ?.