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A loan of $ 16,000 is made at 7 % interest, compounded annually. After how many years will the amount due reach $ 27,000 or more?

A loan of $ 16,000 is made at 7 % interest, compounded annually. After how many years will the amount due reach $ 27,000 or more?
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A loan of $ 16,000 is made at 7 % interest, compounded annually. After how many years will the amount due reach $ 27,000 or more?

asked
User Daniel Hitzel
by
8.4k points

1 Answer

2 votes
About 9.8 years would be your answer
answered
User Krishna V
by
7.8k points
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