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Suppose that $2000 is placed in a savings account at an annual rate of 5.6%, compounded semiannually. Assuming that no withdrawals are made, howlong will it take for the account to grow to $22967Do not round any intermediate computations, and round your answer to the nearest hundredth.

Suppose that 2000 is placed in a savings account at an annual rate of 56 compounded semiannually Assuming that no withdrawals are made howlong will it take for class=

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[tex]\begin{gathered} t=\frac{\ln(\frac{A}{P})}{n\lbrack\ln(1+\frac{r}{n})\rbrack} \\ \text{Given} \\ A=2296 \\ P=2000 \\ r=0.056 \\ n=2 \\ \text{Substitute} \\ t=\frac{\ln(\frac{A}{P})}{n\lbrack\ln(1+\frac{r}{n})]} \\ t=\frac{\ln(\frac{2296}{2000})}{2\lbrack\ln(1+\frac{0.056}{2})\rbrack} \\ \text{ Input in a scientific calculator and we get} \\ t=2.5\text{ years} \end{gathered}[/tex]

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