by Nirmal

(Dubai)

The compound interest formula is given below:

Where:

- A is the total amount of money (including interest) after n years
- P is the principal (the amount money borrowed or invested)
- r is the interest rate (per year or per annum)
- n is the loan or investment duration in years

Thus, let us substitute the values we have into the formula:

1152 = 800(1+0.2)^n

We can then proceed to solve the equation:

1152/800 = (1.2)^n

1.44 = (1.2)^n

1.44 = (1.2)^2

Thus, it takes

You can also refer to our tutorial on how to calculate compound interest.