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A loan of 43,000 is made at 5.25% interest, compounded annually. After how many years will the amount due reach 77,000 or more?

Solution

A loan of 43, 000 is made at 5.25% interest, compounded annually. After how many years will the amount due reach 77, 000 or more?

Solution

Time : 11.39

Solution steps

Translate the problem into an equation:

77000 = 43000 (1 + \frac{0.0525}{1})^{1 \cdot t}

Solve for

t, 77000 = 43000 (1 + \frac{0.0525}{1})^{1 \cdot t} : t = 11.39

Time : 11.39

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