Answer:
12 years
Step-by-step explanation:
Given that
P = 5,600 e^0.0591
Reaching amount = 11,200
time period = t
We need to find out the time period i.e. t
So,
11,200 = 5,600 e^0.0591t
2 = e^0.0591t
Now take the log on both the sides
ln2 = 0.0591t ln
t = ln2 ÷ 0.059
= 0.693147÷ 0.059
= 11.748
= 12 years