Respuesta :
Answer: He has to wait for 4.5 years to buy magic carpet
Step-by-step explanation:
Since we have given that
Amount she need to save to buy a first self driving magic carpet = $1,17,000
Amount she deposited (P) = $90000
Rate of interest (r)=6%
Let the number of years be 'n'
As we know the formula for "Compound Interest":
[tex]A=P(1\frac{r}{100})^n\\\\117000=90000(1+\frac{6}{100})^n\\\\\frac{117000}{90000}=(1+0.06)^n\\\\1.3=(1.06)^n\\\\\text{Taking log both sides}\\\\\log1.3=n\times \log 1.06\\\\\frac{\log 1.3}{\log 10.6}=n\\\\n=4.5\ years[/tex]
Hence, he has to wait for 4.5 years to buy magic carpet.
