Solve the Problem $\$ 4700$ Be in a Bank At $6 \%$

Multiple Choice

Solve the problem.
-How long must $\$ 4700$ be in a bank at $6 \%$ compounded annually to become $\$ 7067.06$ ? (Use the function $\mathrm{P}(\mathrm{t}) =\mathrm{P}_{0} \mathrm{e}^{\mathrm{kt}}$ , where $\mathrm{P}_{0}$ is the amount initially placed in savings, $\mathrm{t}$ is the time in years, and $\mathrm{P}(\mathrm{t})$ is the balance after time $\mathrm{t}$ . Round to the nearest year.)

A) 8 yr
B) $9 \mathrm{yr}$
C) $6 \mathrm{yr}$
D) $7 \mathrm{yr}$