Answer
2 years
Work Step by Step
Insert the given values for A, P, n, r into the formula.
Solve for t.
$1,400=1000(1+\displaystyle \frac{0.168}{360})^{360t}\qquad.../\div 1000$
$1.4 =(1+\displaystyle \frac{0.168}{360})^{360t}$
$1.4=(1+\displaystyle \frac{0.168}{360})^{360t}\qquad .../$apply ln() to both sides..
$\displaystyle \ln(1.4)=360t\cdot \mathrm{l}\mathrm{n}(1+\frac{0.168}{360}) \displaystyle \qquad .../\div 360\mathrm{l}\mathrm{n}(1+\frac{0.168}{360})$
$ t=\displaystyle \frac{\ln(1.4)}{360\mathrm{l}\mathrm{n}(1+\frac{0.168}{360}) }\approx$2.00327821848$ \approx 2$ years