Answered: loan of $12,000 is made at 6% interest,…

loan of $12,000 is made at 6% interest, compounded annually. After how many years will the amount due reach $25,000 or more? Write the smallest possible whole number answer.

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.S: Summary

Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?

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Question

A loan of $12,000 is made at 6% interest, compounded annually. After how many years will the amount due reach $25,000 or more? Write the smallest possible whole number answer.

Expert Solution