Answer:
5.9 years
Step-by-step explanation:
That is, r=0.12.
Then we have 2P = P (1 + 0.12/4)^(4t) and need only solve for time, t.
Simplifying the above equation: 2 = (1.03)^(4t)
We must isolate 4t, and then isolate t. To do this, take the common log of both sides of the above equation. We get:
log 2 = (4t) log 1.03. This gives us 4t = [log 2] / [log 1.03], or
4t = 23.4498
Dividing both sides by 4, we get t = 5.86 (years).
round that to 5.9 years
