Answer:
3 years and 3 months.
Step-by-step explanation:
Since, the amount formula in compound interest,
[tex]A= P(1+\frac{r}{100})^t[/tex]
Where,
P = principal amount,
r = rate per period,
t = number of periods,
Here, A = $ 8,000, r = 6.9%, P = $6,449.82,
By substituting the values,
[tex]8000 = 6449.82(1+\frac{6.9}{100})^t[/tex]
[tex]\frac{8000}{6449.82}=(1+\frac{6.9}{100})^t[/tex]
[tex]\ln (\frac{8000}{6449.82})=t\ln(1.069)[/tex]
[tex]\implies t = \frac{\ln (\frac{8000}{6449.82})}{\ln(1.069)}=3.228[/tex]
Hence, it would be take 3.228 years or 3 years and 3 months.
