It will take 16.66years long for the money to double
The formula for calculating the compound amount is expressed as:
A = P(1+r)^t
- A is the amount after t years = 2(900) = $1800
- P is the amount invested = $900
- r is the rate in decimal = 4.25% = 0.0425
Substitute into the formula to have:
1800 = 900(1+0.0425)^t
2 =(1+0.0425)^t
2 = 1.0425^t
ln2 = tln1.0425
t = ln2/ln1.0425
t = 0.6931/0.0416
t = 16.66years
This shows that it will take 16.66years long for the money to double
Learn more on compound interest here: https://brainly.com/question/18483293
