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A loan of 28,000 is made at 4% interest, compounded annually. After how many years will the amount due reach 48000 or more?

Sagot :

Numenius

Answer:

The time is 13.7 years.

Step-by-step explanation:

principal, P = 28000

Rate of interest , R = 4 % annually

Amount, A = 48000

Let the time is t.

Use the formula of the compound interest.

[tex]A = P\times \left ( 1+\frac{r}{100} \right )^t\\\\48000 = 28000\times \left ( 1+\frac{4}{100} \right )^t\\\\1.71 = 1.04^t\\\\log 1.71 = t log 1.04\\\\t =\frac{0.233}{0.017}\\\\t = 13.7 years[/tex]

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