Suppose that $3000 is placed in a savings account at an annual rate of 8.6%, compounded semiannually. Assuming that no withdrawals are made, how long w it take for the account to grow to $4767? Do not round any intermediate computations, and round your answer to the nearest hundredth. years X S

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A: Given that       P = principal amount = $ 30000      r = interest rate = 2.5% = 0.025     n = number…