Answer:
so time require is 19.01 year
Explanation:
given data
deposited = $15,000
interest per year = 1.5% = 0.015
future value = $20,000
solution
we apply here compounded continuously formula that is
future value = principal × [tex]e^{rt}[/tex] ...................1
put here value and we get
$20,000 = $15,000 × [tex]e^{0.015t}[/tex]
[tex]e^{0.015t}[/tex] = 1.33
take ln both side
0.015 t = ln ( 1.33)
t = 19.0119 year
