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Alicia invests £175 for n years into a savings account. Alicia was paid 2.5% per annum compound interest. At the end of the n years Alicia had £316.53 in the savings account. Work out the value of n.

Respuesta :

The number of years it took the amount invested to accrue to £316.53 is  23.7 years.

What is compound interest?

Compound interest is when both the money invested and the money already accrued earn interest.

What is the number of years?

Number of years =  in(fv / pv) r

FV = future value

PV = present value

r = interest rate

(IN 316.53 / 175) / 0.025 = 23.7 years

To learn more about how to determine the number of years, please check: https://brainly.com/question/21841217

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