Question 18 [5 points] How many years would it take for 8,000 to grow to 30,000 with an annual rate of change of 9.901149% ? For full marks your answer(s) should be rounded to the nearest whole year. Number of years =0

This is a question of compound interest. The formula for compound interest is A=P(1 + r/n)^(nt), where A is the future value of the investment/loan, including interest, P is the principal investment amount, r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the number of years the money is invested or borrowed for.In the question, you are asked to calculate the number of years it would take for an initial investment of 30000 with an annual interest rate of 9.901149% (or 0.09901149 in decimal form). This gives you the equation 30000 = 8000*(1 + 0.09901149)^t.Solving for t by using the logarithm method gets you approximately 44 years.</p