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Suppose that you are grading a classmate's work on a compound interest problem, shown below....

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Basic Math

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Suppose that you are grading a classmate's work on a compound interest problem, shown below. If there is amistake, 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 interestcompounded monthly? Round your answer to three decimal places.Step 1: 7000-3500 (1 + 0.25) 12Step 2: 2 = (1 + 0.25) 1212Step 3: log(2) = log ((1+0,25))Step 4: log(2)Step 5: t =OStep 1Step 2Step 3Step 4Step 5No mistake12t log(1 + 025)12log(2)(12 log (1+0))2.801 years12

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