Answer:
The correct answer is 37 years.
Step-by-step explanation:
Principal (P) invested is $15000
Rate of interest (r) per year is 5% compounded yearly.
Amount (A) of the principal is $91221.04.
Let the principal is invested for x years (t).
According to the problem,
A = P + [tex](1 + \frac{r}{100} ) ^{t}[/tex]
⇒ 91221.04 = 15000 × [tex](1 + \frac{5}{100} ) ^{x}[/tex]
⇒ 6.08140267 = [tex](1 + \frac{5}{100} ) ^{x}[/tex]
⇒ x = 37
Thus the principal is supposed to be invested for 37 years for it to yield that amount.
