Determine the number of years to be required for the initial deposit of Tk. 12,000 to grow at Tk. 30,000 at an annual rate of 15%.

Determine the number of years to be required for the initial deposit of Tk. 12,000 to grow at Tk. 30,000 at an annual rate of 15%.

To find the required time (

), we use the Compound Interest (Future Value) formula:

Given Data:

• Present Value (): Tk. 12,000
• Future Value (): Tk. 30,000
• Annual Interest Rate ():

Step-by-Step Calculation:

1. Substitute the values into the formula:

2. Divide both sides by :

3. Take the natural logarithm () on both sides:

4. Solve for :

Final Answer:

It will take approximately 6.56 years (or 6 years, 6 months, and 20 days) for Tk. 12,000 to grow to Tk. 30,000 at a 15% annual rate.

আর্টিকেলের শেষ কথাঃ Determine the number of years to be required for the initial deposit of Tk. 12,000 to grow at Tk. 30,000 at an annual rate of 15%.

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