Step 1 :Given that the initial amount (P) is $4700, the final amount (A) is $9400, the annual interest rate (r) is 8.4% or 0.084, and the interest is compounded monthly (n=12 times per year), we need to find the time (t) in years and months.
Step 2 :We use the formula for compound interest, which is \(A = P(1 + \frac{r}{n})^{nt}\).
Step 3 :We rearrange the formula to solve for t: \(t = \frac{\ln(\frac{A}{P})}{n \cdot \ln(1 + \frac{r}{n})}\).
Step 4 :Substituting the given values into the formula, we get \(t = \frac{\ln(\frac{9400}{4700})}{12 \cdot \ln(1 + \frac{0.084}{12})}\).
Step 5 :Solving the equation, we get t = 8.28059970480305.
Step 6 :Since t is in years, we convert the decimal part into months by multiplying it by 12. This gives us approximately 3 months.
Step 7 :Final Answer: The time required is \(\boxed{8}\) year(s) and \(\boxed{3}\) months.