Interest 37571

We will deposit € 10,500 at the bank at 1.1% interest, and we want to withdraw € 11,000. How many years do we have to wait? Round to 2 decimal places.

Correct answer:

n =  4.25

Step-by-step explanation:

a=10500 Eur b=11000 Eur q=100%+1.1%=1+1001.1=1.011  a qn=b  nlogq=logb/a  n=log(b/a)/logq=log(11000/10500)/log1.011=4.25

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