2023 AISS AM S3 EOY Q1

Dan invested \(\$x\) in a bank at the start of \(2023\). The amount of money, \(\$P\)at the end of \(t\) years is denoted by

\({P = 6800(1.015)^t}\).

1. State the value of \({x}\).[1]
2. Find the year in which the amount of money in the bank first reach \(\$8000\).[2]