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Popular Word Problems >

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?

Solución

A l o an o f 14, 000 i s ma d e a t 6.75% in t eres t, co m p o u n d e d ann u a ll y . A f t er h o w man y ye a rs w i ll t h e am o u n t d u e re a c h 35, 000 or m ore ?

Solución

Time : 14.03

Pasos de solución

Translate the problem into an equation:

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

Resolver para

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

Time : 14.03

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