A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • one year ago

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?

  • This Question is Closed
  1. Vocaloid
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  2. Vocaloid
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  3. Vocaloid
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    actually, round up

  4. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.