Question

A loan of $35,000 is made at 4.25% interest, compounded annually. after how many years will the amount due reach $57,000 or more? (use the calculator provided if necessary.)

Answer 1

A= P(1+r/100)^n

Using this formula for compound interest,
where A is total amount,
P is the principal amount,
R is the interest rate and
n is the number of periods the amount is compounded

Let A be 57000, P be 35000 and r be 4.25
and solve the qn