Answer:
1.97 years
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 8/100
r = 0.08 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(17,500.00/15,000.00) / ( 2 × [ln(1 + 0.08/2)] )
t = ln(17,500.00/15,000.00) / ( 2 × [ln(1 + 0.04)] )
t = 1.965 years
:D
