When Money Is Invested at an Interest Rate of 4 $A = P ( 1.04 ) ^ { t }$

Multiple Choice

When money is invested at an interest rate of 4%, the value of the investment after t years is given by $A = P ( 1.04 ) ^ { t }$ where P is the original investment. If $24,000 is invested, how long would it take to reach a value of $36,000? Round to the nearest tenth of a year.

A) 5.7 years
B) 2.3 years
C) 10.3 years
D) 21 years