Answer:
10 years and 10 months.
Explanation:
Provided information we have,
Amount invested = $2,500
Earning interest rate = 3.4% annually
Compounded semiannually
Thus, period to be considered = 2 in a year
Interest rate = ![3.4 \times \frac{6}{12} = 1.7](https://tex.z-dn.net/?f=3.4%20%5Ctimes%20%5Cfrac%7B6%7D%7B12%7D%20%3D%201.7)
Thus, effective interest rate = 1.7%
Now, according to future value of compounded rate @ 1.7% at a period 65 factor = 2.9913
Thus value will be $2,500
2.9913 = 7,478.25
That is approximate triple in value.
Thus, total period in number of years = 65/6 months = 10.833 years.
0.833
12 months = 10 months
That exactly means 10 years and 10 months.