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A loan of 14,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 35,000 or more?

Solution

A loan of 14, 000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 35, 000 or more?

Solution

Time : 14.03

Solution steps

Translate the problem into an equation:

35000 = 14000 (1 + \frac{0.0675}{1})^{1 \cdot t}

Solve for

t, 35000 = 14000 (1 + \frac{0.0675}{1})^{1 \cdot t} : t = 14.03

Time : 14.03

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