The time it will take the money to reach $8,838.51 is 14years
Compound interest
The formula for calculating compound interest is expressed as:
A = P(1+r)^t
where
P = $6,680
A = $8,838.51?
r = 2% = 0.02
Substitute and calculate the time 't"
8,838.51 = 6680(1+0.02)^t
1.3231 = 1.02^t
t = ln1.3231/ln1.02
t = 14years
Hence the time it will take the money to reach $8,838.51 is 14years
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