A loan of 18,000 is made at 4.5% interest, compound annually. After how many years will the amount due reach 24,000 or more

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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A loan of 18,000 is made at 4.5% interest, compound annually. After how many years will the amount due reach 24,000 or more?
Expert Solution
Step 1

Given,

Principal = p = 18,000
Rate of interest = r = 4.5%  compounded annually 
Amount = A  24, 000

We have to find the time period in years 

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