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Answer:
6.34 years
Step-by-step explanation:
Given data
Principal P=$5,000
Rate r= 8%
Final amount A= $8,303.00
The expression for the time will be
t= ln(A/P)/r
substitute
t= ln(8,303.00/5000)/0.08
t= ln(1.6606)/0.08
t= 0.507/0.08
t= 6.3375
Hence the time is about 6.34 years