Answer:
23.8 years
Step-by-step explanation:
Assuming this is compound interest, we'll use the compound interest formula
A = P(1 + r)ⁿ
A = Final amount (2000)
P = Initial amount (500)
r = Annual interest rate (.06)
n = ?
Our equation will look like this
2000 = 500(1.06)ⁿ
First, divide both sides by 500
2000/500 = (500(1.06)ⁿ)/500
(1.06)ⁿ = 4
Then we have to take the log₁.₀₆ out of both sides
n = log₁.₀₆(4)
n = 23.79132
