Respuesta :
Answer: it will take 18 years
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 5000
A = 15000
r = 6% = 6/100 = 0.06
n = 12 because it was compounded 12 times in a year.
Therefore,.
15000 = 5000(1+0.06/12)^12× t
15000/5000 = (1.005)^12t
3 = (1.005)^12t
Taking the log of both sides,
Log 3 = log (1.005)^12t
0.4771 = 12t log1.005 = 12t × 0.0022
0.0264t = 0.4771
t = 0.4771/0.0264t
t = 18
