You want to save ₹1,17,000 to buy your first self-driving magic carpet. you deposit ₹90,000 in a bank at an interest rate of 6\%6% per annum. how many years do you have to wait before you can buy your magic carpet?

He has to wait for 4.5 years to buy magic carpet

Step-by-step explanation:

Since we have given that

Amount she need to save to buy a first self driving magic carpet = $1,17,000

Amount she deposited (P) = $90000

Rate of interest (r)=6%

Let the number of years be 'n'

As we know the formula for "Compound Interest":

Hence, he has to wait for 4.5 years to buy magic carpet.

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step-by-step explanation:

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