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Answer:
8.46 years
Step-by-step explanation:
Given data
P=$3100
R= 3%
A= $4000
Calculate time, solve for t
t = ln(A/P) / r
substitute
t=ln(4000/3100)/3
t=ln1.290/0.03
t= 0.254/0.03
t= 8.46
Hence the time is 8.46 years