David invested $68,000 in an account paying an interest rate of 5.5% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $93,000?

t = 5.693 years≈ 5.7 years

Step-by-step explanation:

r = R/100

r = 5.5%/100

r = 0.055 per year,

Then, solve our equation for t

t = ln(A/P) / n[ln(1 + r/n)]

t = ln(93,000.00/68,000.00) / ( 360 × [ln(1 + 0.00015277777777778/360)] )

t = 5.693 years

answer: 2530

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