Answer:
time = 28 years
Step-by-step explanation:
Given,
principal amount = $10,000
rate = 4%
total amount = $30,000
According to compound interest formula
[tex]A\ =\ P(1+r)^t[/tex]
where, A = total amount
P = principal amount
r = rate
t = time in years
so, from the question we can write,
[tex]30000\ =\ 10000(1+0.04)^t[/tex]
[tex]=>\ \dfrac{30000}{10000}\ =\ (1+0.04)^t[/tex]
[tex]=>\ 3\ =\ (1.04)^t[/tex]
by taking log on both sides, we will get
=> log3 = t.log(1.04)
[tex]=>\ t\ =\ \dfrac{log3}{log1.04}[/tex]
=> t = 28.01
So, the time taken to get the amount from 10000 to 30000 is 28 years.
