Option C is correct. It will take about 18.76 years for the money to double
The formula for calculating the compound interest is expressed as:
A = P(1+r/n)ⁿˣ
A is the amount after the time x
P is the amount invested
r is the rate
n is the time of compounding
x is the time taken in years
Given the following
P = $3000
r = 3.7% = 0.037
x = ?
A = $6000(money doubled after x years)
n = 1/12 (monthy)
Substitute the given parameters into the formula above
6000 = 3000(1+0.037/12)^nx
6000/3000 = (1+0.00308)^12x
2 = 1.00308^12x
Take the log of both sides
log 2 = log1.00308^12x
0.3010 = 12x log 1.00308
12x = 0.3010/log 1.00308
12x = 0.3010/0.001336
12x = 225.47
x = 225.47/12
x = 18.76 yrs
Hence it will take about 18.76 years for the money to double
Learn more here: https://brainly.com/question/18442810
