Answer :
Answer: 16 years
Step-by-step explanation:
The exponential function for continuous growth is given by :-
[tex]P=Ae^{rt}[/tex]
, where A = initial amount, r= rate of growth and t = time.
As per given , we have
A= $2,000, =r 3.5%=0.035 and P= $3500
put these vales in equation , we get
[tex]3500=2000e^{0.035t}\\\\\Rightarrow\ \dfrac{3500}{2000}=e^{0.035t}\\\\\Rightarrow\ 1.75=e^{0.035t}[/tex]
Taking log on both sides , we get
[tex]\ln 1.75=0.035t\\\\\Rightarrow\ t=\dfrac{\ln1.75}{0.035}=\dfrac{0.560}{0.035}=16[/tex]
Hence, it will take 16 years to grow to $3,500.