Answer
4 years
Work Step by Step
Insert the given values for A, P, n, r into the formula.
Solve for t.
$9000=5000(1+\displaystyle \frac{0.147}{360})^{360t}\qquad.../\div 5000$
$\displaystyle \frac{9}{5} =(1+\frac{0.147}{360})^{360t}$
$1.8=(1+\displaystyle \frac{0.147}{360})^{360t}\qquad .../$apply ln() to both sides..
$\displaystyle \ln(1.8)=360t\cdot \mathrm{l}\mathrm{n}(1+\frac{0.147}{360}) \displaystyle \qquad .../\div 360\mathrm{l}\mathrm{n}(1+\frac{0.147}{360})$
$ t=\displaystyle \frac{\ln(1.8)}{360\mathrm{l}\mathrm{n}(1+\frac{0.147}{360}) }\approx$3.99936505565$ \approx 4$ years