9514 1404 393
Answer:
6
Explanation:
The compound interest formula tells you the future value of principal P invested at annual rate r compounded n times per year for t years is ...
A = P(1 +r/n)^(nt)
Solving for t, we get ...
t = log(A/P)/(n·log(1 +r/n))
Using the given values, we find t to be ...
t = log(38302/32000)/(12·log(1 +0.03/12)) ≈ 5.9997
The investment was for 6 years.