The time it will take the 2000 dollar invested at 8% is t= 9.006468342 years
Compound interest can be define as the addition of interest on the loan to the principal sum of the deposit.
2 = (1+8%) ^t
where t is the time of the year
2= (1 +8%)^t
2 = (1+8/100)^t
2 = ( 1 0.8)^t
Take the log of both sides
log 2 = log 1.08^t
log 2 = t log 1.08
Divide both sides by log 1.08
log 2/ log 1.08 = t
t= 9.006468342 years
Therefore, the time it will take the dollar invested at 8% is t= 9.006468342 years
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