Question 1189632
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We use this compound interest formula
A = P*(1+r/n)^(n*t)


In this case,
A = 89,542 = desired amount in t years
P = 50,000 = principal or deposit amount
r = 0.06 = interest rate in decimal form
n = 1 = since we're compounding annually
t = unknown and what we want to solve for


So,
A = P*(1+r/n)^(n*t)
89542 = 50000*(1+0.06/1)^(1*t)
89542/50000 = (1.06)^t
1.79084 = (1.05)^t
Ln(1.79084) = Ln( (1.06)^t )
Ln(1.79084) = t*Ln( 1.06 )
t = Ln(1.79084)/Ln(1.06)
t = 9.9999262433654 approximately



It takes <font color=red>about 10 years</font> for the money to reach the desired goal of Php 89,542.
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