Answer:
t = 20.772
Step-by-step explanation:
r = R/100
r = 6/100
r = 0.06 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(5,200.00/1,500.00) / ( 12 × [ln(1 + 0.06/12)] )
t = ln(5,200.00/1,500.00) / ( 12 × [ln(1 + 0.005)] )
t = 20.772 years
