Answer on Statistics and Probability Question for atakan oluwafemi
FV = PV(1 + i)n , where i is the compound interest, n is number of periods.
(1 + i)n = FV/PV
n = log(1+ i)(FV/PV) = (ln FV - ln PV)/ln (1 + i)
In our case
n = (ln 288,000 - ln 240,000)/ ln (1 + 0.08) = 2.37
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