Question

Which answer could it be??

Answer 1

Answer:

5.9 years

Step-by-step explanation:

That is, r=0.12.

Then we have 2P = P (1 + 0.12/4)^(4t) and need only solve for time, t.

Simplifying the above equation:  2 = (1.03)^(4t)

We must isolate 4t, and then isolate t.  To do this, take the common log of both sides of the above equation.  We get:

log 2 = (4t) log 1.03.  This gives us 4t = [log 2] / [log 1.03], or

4t =  23.4498

Dividing both sides by 4, we get     t = 5.86 (years).

round that to 5.9 years