Question

A loan of $33,000 is made at
8% interest, compounded annually. After how many years will the amount due reach $82,000 or more?

Answer 1

total amount of money = (original amount of money)*(1+interest rate)^years

Answer 2

set total amount of money = 82,000
original amount of money = 33000
interest rate = 0.08

solve for the number of years and round to the nearest whole number

Answer 3

actually, round up