You want to save ₹1,17,000 to buy your first self-driving magic carpet. you deposit ₹90,000 in a bank at an interest rate of 6 % 6%6, percent per annum. how many years do you have to wait before you can buy your magic carpet?

4.50 yr

Step-by-step explanation:

I assume that this is compound interest.

The compound interest equation is

You don't give the frequency of compounding, so I assume that it is once per year.

Data:

A = ₹117 000

P = ₹90 000

r = 6 % = 0.06

n = 1

Calculations:

Divide each side by 90 0000

Take the logarithm of each side

log1.3 = tlog1.06

0.1139 = 0.025 31t

Divide each side by 0.025 31

t = 4.50 yr

You can buy your magic carpet in 4.50 yr.

7

step-by-step explanation:

the answer would be 7

step-by-step explanation:

1