Answer:
16 years approx
Step-by-step explanation:
Given data
P=$3000
r= 6%
A= $7700
t= ??
The compound interest formula is
A= P(1+r)^t
Calculate time, solve for t
t = ln(A/P) / r
substitute
t= ln(7700/3000)/0.06
t= ln(2.566)/0.06
t= 0.942/0.06
t= 15.7
The time is 16 years approx
