Answer : The time taken will be, 9.24 years
Explanation : Given,
Principle = $1000
Rate = 7.5 %
Formula used :
[tex]A=Pe^{Rt}[/tex]
where,
A = amount = 2P = $2000
P = principle = $1000
R = interest rate = 7.5 % = 0.075
T = time = ?
Now put all the given values in the above formula, we get:
[tex]A=Pe^{Rt}[/tex]
[tex]\$ 2000=\$ 1000\times e^{0.075\times t}[/tex]
[tex]2=e^{0.075t}[/tex]
Taking logarithm on both side, we get:
[tex]\ln 2=\log e^{0.075t}[/tex]
[tex]\ln 2=0.075\times t[/tex]
[tex]t=9.24years[/tex]
Therefore, the time taken will be, 9.24 years
