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27 December, 15:36

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.)

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  1. 27 December, 15:38
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    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
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