Answer: time = 55.48 years
Explanation:
Given:
Principal amount = $10000
Interest rate = 2% p.a
Amount = $30000
We can evaluate the time taken using the following formula:
[tex]Amount=Principal(1+\frac{r}{100})^{t}[/tex]
[tex]30000 = 10000\times(1+\frac{2}{100})^{t}[/tex]
Solving the above equation, we get
[tex]1.02^{t} = 3[/tex]
Now taking log on both sides, we get;
[tex]t\ log(1.02) = log(3)[/tex]
time = 55.48 years
