Answer :
From the question,
We are given the
Rate = 5.84% = 0.0584
We will apply the formula
[tex]A=Pe^{rt}[/tex]Since the Amount is double the principal
Then the equation becomes
[tex]\begin{gathered} 2P=Pe^{rt} \\ 2=e^{rt} \end{gathered}[/tex]Substituting the value of r we get
[tex]2=e^{0.0584t}[/tex]Next, we solve for t by taking ln of both sides
[tex]\begin{gathered} \ln 2=0.0584t \\ t=\frac{\ln 2}{0.0584} \\ t\approx11.87years \end{gathered}[/tex]Therefore, the answer is 11.87 years