Answer:
3 years approx
Step-by-step explanation:
Given data
Principal=£100
Amount= £109.27
Rate= 3%
The expression for the compound interest is
A=P(1+r)^t
Make t subject of formula we have
t= ln(A/P) / r
t= ln(109.27/100)/ 3
t= ln(1.0927)/0.03
t= 0.088/0.03
t= 2.93
Hence the time is 3 years approx
