Answer:
time required is 20.23 year
Step-by-step explanation:
given data
invested = $630
interest rate = 5.5% = 0.055
future value = $1,860
solution
we get here time period that is express as
future value = invested amount × [tex](1+r)^t[/tex] ......................1
put here value and we get
$1,860 = $630 × [tex](1+0.055)^t[/tex]
take here ln both side we get
[tex]ln ( \frac{1860}{630} )[/tex] = t × ln (1.055)
1.0826 = t × 0.0535
t = 20.23
so time required is 20.23 year
