It will take Nolan 7 years compounded annually at the rate of 3% for his money to reach $6880
To solve this problem, we would use the formula of compound interest.
Data given;
- A = 6880
- P = 5300
- r = 3.8 % = 0.038
- N = 1
<h3>Compound Interest</h3>
The formula used in calculating compound interest is given as

let us plug in the values and solve for t.

Take the natural log of both sides

The time it will take for $5330 compounded annually at the rate of 3% is 7 years.
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