When money is invested at an interest rate of 4%, the value of the investment after t years is given by $A = P ( 1.04 ) ^ { t }$ where P is the original investment. If $24,000 is invested, how long would it take to reach a value of $36,000? Round to the nearest tenth of a year.
A) 5.7 years
B) 2.3 years
C) 10.3 years
D) 21 years

Question

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The Answer of When money is invested at an interest rate of 4%, the value of the investment after t years is given by $A = P ( 1.04 ) ^ { t }$ where P is the original investment. If $24,000 is invested, how long would it take to reach a value of $36,000? Round to the nearest tenth of a year.
A) 5.7 years
B) 2.3 years
C) 10.3 years
D) 21 years

When Money Is Invested at an Interest Rate of 4 A=P(1.04)tA = P ( 1.04 ) ^ { t }A=P(1.04)t

When Money Is Invested at an Interest Rate of 4 $A = P ( 1.04 ) ^ { t }$