Answer:
6.92 years
Explanation:
To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where:
A = the final amount (in this case, $8800)
P = the initial investment (in this case, $4500)
r = the annual interest rate (in decimal form, so 6.8% = 0.068)
n = the number of times the interest is compounded per year (in this case, daily, so n = 365)
t = the number of years
We want to solve for t, so we can rearrange the formula as follows:
t = (ln(A/P)) / (n ln(1 + r/n))
where ln is the natural logarithm.
Plugging in the given values, we get:
t = (ln(8800/4500)) / (365 ln(1 + 0.068/365))
t ≈ 6.92
Therefore, it would take about 6.92 years (or about 7 years) for the investment to grow to $8800 at an annual interest rate of 6.8% compounded daily.