Answer:
It will take 9 years jhon to reach the goal
Explanation:
We have given final amount A = $78000
Present amount P = $39000
Rate of interest = 8%
We have to find the time
We know the formula of final amount
[tex]A=P(1+\frac{r}{100})^n[/tex], here A is final amount, P is present amount, r is rate of interest, n is number of period
[tex]78000=39000(1+\frac{8}{100})^n[/tex]
[tex]2=1.08^n[/tex]
n = 9 years
