Answer:
t = 3.69 ≈ 3. 7 years
Step-by-step explanation:
Given :
P = 10,000
r = 5%= 0.05
A = 12,000
n = 2 ( because it is compounded semi - annually )
[tex]A = P (1 + \frac{r}{n})^{nt}\\[/tex]
[tex]12000 = 10000(1 + \frac{0.05}{2})^{2 t}\\\\1.2 = ( 1 + \frac{0.05}{2})^{2t}\\\\1.2 = (1.025)^{2t}\\\\log \ 1.2 = 2t \ log \ 1.025\\\\2t = \frac{log 1.2 }{log 1.025} \\\\2t = \frac{0.1823}{0.0247}\\\\2t = 7.3805\\\\t = 3.69[/tex]
