Withdraw 37161

We will put € 8,500 into the bank at 1.3% interest, and we want to withdraw € 8,700. How many years do we have to wait? Round to 2 decimal places.

Correct answer:

n =  1.8006

Step-by-step explanation:

a=8500 Eur b=8700 Eur q=100%+1.3%=1+1001.3=1.013  a qn=b  n log q = log b/a  n=log(b/a)/logq=log(8700/8500)/log1.013=1.8006

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