You want to save ₹1,20,000 to buy your first self-driving magic carpet. you deposit ₹80,000 in a bank at an interest rate of 5%, percent per annum. how many years do you have to wait before you can buy your magic carpet?

10 years.

Step-by-step explanation:

We have been given that you want to save ₹1,20,000 to buy your first self-driving magic carpet. You deposit ₹80,000 in a bank at an interest rate of 5%, percent per annum.

We will use simple interest formula to solve our given problem.

, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Therefore, you have to wait 10 years before you can buy your magic carpet.

hi there, i would be interested to you with your test, may you add the questions and answer options.

- : )