Question 1189999


 r as a decimal
r = R/100
r = 9.8/100
r = 0.098 per year,

Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(3,462.00/3,000.00) / ( 2 × [ln(1 + 0.098/2)] )
t = ln(3,462.00/3,000.00) / ( 2 × [ln(1 + 0.049)] )
t = 1.497 years

1.5 years