The value of David's investment will be at least $415 after a period of 20 years
The formula for calculating the compound interest is expressed as:
A = p(1+r)^t
Given the following parameters
Substitute
415 = 230(1+0.03)^t
415/230 = 1.03^t
1.8043 = 1.03^t
t = ln(1.8043)/ln1.03
t = 20 years
The value of David's investment will be at least $415 after a period of 20 years
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