a person invest in 9000 in a bank. the bank pays 5% interest compounded semi annually. to the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 14800 dollars

10.1 years.

Step-by-step explanation:

It is given that,

Principal = 9000

Rate of interest = 5%

No. of times interest compounded = 2 times in an year

Amount after certain time = 14800

The formula for amount:

where, P is principal, r is rate of interest, n is no. of times interest compounded in an year and t is time in years.

Substitute the given values in the above formula.

Taking log both sides.

Therefore, the required time is 10.1 years.

answer: options

step-by-step explanation: