Answer:
It will take 9 years
Step-by-step explanation:
use formula A=P(1+ r/n)^nt
37,500= 25,475(1+.046/1)^1*x
37,500/25,475=1.046^x
1.47203= 1.046^x
try out different numbers for x and use whole number since it asks for the nearest year
1.046^8 = 1.43302 and 1.046^9 = 1.4989
so we know its inbetween
8 and 9 to figure out one is the closest whole number try raising it to the power of 8.5 and if it passes 1.47203 then its 9, if it doesnt then its 8
1.046^8.5 = 1.46561
1.46561< 1.47203
since 1.046561 is lower than 1.47203 its safe to assume that the year is between 8.5-8.99 thus we can round up to 9
