Answer:
8.7 so either 8 or 9 tenth of a year
Step-by-step explanation:
<em>Is it compounded per month? I assume</em>
1. Compound interest formula
FV = PV(1+r/100k)^kn
FV is the future value,
PV is the present value,
n is the number of years,
k is the number of compounding periods per year
r% is the nominal annual rate of interest
2. Plug in numbers
3550 = 2400(1+4.6/100*12)^12*n
71/48 = (6023/6000)^12n
12n = logBase(6023/6000)*(71/48)
n = answer/12
n ≈ 8.70
