Answer:
[tex]t=\frac{ln 3}{12ln(1 +\frac{0.07}{12})}[/tex]
t=15.74
Step-by-step explanation:
[tex]( 1 + 0.07/12)^{12t} = 3[/tex]
Take ln on both sides
[tex]ln(( 1 +\frac{0.07}{12})=ln 3[/tex]
move the exponent 12t before ln as per log property
[tex]12tln(1 +\frac{0.07}{12})=ln 3[/tex]
now divide the ln on both sides to make 12t alone
[tex]12t=\frac{ln 3}{ln(1 +\frac{0.07}{12})}[/tex]
divide both sides on both sides
[tex]t=\frac{ln 3}{12ln(1 +\frac{0.07}{12})}[/tex]
t=15.74
