Answer:
Bob bought the land 21 years and 332 days ago.
Explanation:
Giving the following information:
Bob bought some land costing $15,390. Today, that same land is valued at $44,817.
To calculate the number of years passed we need to use a variation of the Future Value formula:
FV=PV*(1+i)^n
Isolating n:
n=[ln(FV/PV)]/ln(1+i)
n= [ln(44,817/15,390) / ln(1.05)]
n= 21.91
0.91*365= 332
Bob bought the land 21 years and 332 days ago.
