Number of years it will take for the amount to double is 23 years
The principal amount = $900
The interest rate = 3%
The interest is compounded monthly
The given equation is
S = 900(1.0025)^12t
Where S is the final amount
t is the time period in years
The final amount is the double of principal amount
Final amount = 2 × 900
= $1800
Substitute the values in the equation
1800 = 900(1.0025)^12t
1.0025^12t = 1800/900
1.0025^12t = 2
Then value of t = ln(2) / 12ln (1.0025)
Divide the numbers
= 23.13b years
Therefore, the time period is 23 years
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