Answer:
14.4 years (about 14 years 6 months)
Step-by-step explanation:
Given data
Principal= $3000
Rate= 4.8%
A. Time= 5 years
The expression for compound interest is
A=P(1+r)^t
Substitute
A= 3000(1+0.048)^5
A= 3000(1.048)^5
A=3000*1.264
A=$3792
Hence the balance will be $3792
B. Final Amount A = $6000
The expression to find time is given ast
t= ln(A/P) / r
substitute
t= ln(6000/3000)/0.048
t= ln2/0.048
t= 0.6931/0.048
t=14.43
Hence the time is 14.4 years (about 14 years 6 months)approx
