Suppose that you are grading a classmate's work on a

Last updated: 7/19/2022

Suppose that you are grading a classmate's work on a compound interest problem, shown below. If there is a mistake, select the step where the mistake was made. If there is no mistake, select "No mistake." Problem: How long will it take for an investment of $3500 to double if it is invested at 2.5% annual interest compounded monthly? Round your answer to three decimal places. Step 1: 7000-3500 (1 + 0.25) 12 Step 2: 2 = (1 + 0.25) 12 12 Step 3: log(2) = log ((1+0,25)¹²) Step 4: log(2) Step 5: t = O Step 1 Step 2 Step 3 Step 4 Step 5 No mistake 12t log(1 + 025) 12 log(2) (12 log (1+0)) 2.801 years 12