The time it will take the money to reach $8,838.51 is 14years
<h3>Compound interest</h3>
The formula for calculating compound interest is expressed as:
A = P(1+r)^t
where
P = $6,680
A = $8,838.51?
r = 2% = 0.02
Substitute and calculate the time 't"
8,838.51 = 6680(1+0.02)^t
1.3231 = 1.02^t
t = ln1.3231/ln1.02
t = 14years
Hence the time it will take the money to reach $8,838.51 is 14years
Learn more on compound interest here: brainly.com/question/24924853
#SPJ1
