plz answer step by step for my understanding.
Homework Answers
Ans 9.48 years
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| FV/ PV = | (1 + r )^n |
| 120000 / 25000 = | (1 + 18%)^n |
| 4.8 = | (1 + 18%)^n |
| 4.8 = | 1.18^n |
| n = | 9.48 years |
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