Answer:
44.2 years
Step-by-step explanation:
If we assume the interest is compounded annually and the investment is a one-time deposit into the account, its value each year is multiplied by 1+6.25% = 1.0625. After n years, the value in the account will be ...
19000 = 1300·1.0625^n
Dividing by 1300 and taking logs, we have ...
log(19000/1300) = n·log(1.0625)
log(190/13)/log(1.0625) = n ≈ 44.24 . . . . years
It will take about 44.2 years for the account to reach $19,000.
