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Sagot :
The amount of time required for the person to reach using compound interest 22600 dollar is 13 years
What is compound interest?
Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
We are given that the initial investment done by a person is $9500
And the interest rate is 6.25% semi annually that is twice
And after how much time he will have 22600 dollars
To find that we use compound interest formula
[tex]A=p(1+\frac{r}{n}) ^{nt}[/tex]
Substituting the values we get
[tex]22600= 9500(1+0.03125)^{2t}\\2.37= (1+0.03125)^{2t}\\t= 13 years[/tex]
Hence the time required to reach $22600 is approximately 13 years
To learn more about the compound interest please refer the following link
https://brainly.com/question/24274034
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