Answer:
10 yrs
Step-by-step explanation:
A=P(1+r/n)^nt, P=initial investment, r=annual interest rate,n=number of compounding periods per year, A=amount after t years
For given problem:
P=37000
r=5.5%=.055
n=1
A=62000
..
62000=37000(1+.055)^t
62/37=1.055^t
tlog(1.055)=log(62/37)
Using log keys on calculator:
t=log(62/37)/log(1.055)≈10 yrs
