A loan of $40,000 is made at 8% Interest, compounded annually. After how many years will the amount due reach $110,000 or more?

Question

A loan of $40,000 is made at 8% Interest, compounded annually. After how many years will the amount due reach $110,000 or more? (Use the calculator provided if necessary.)

Write the smallest possible whole number answer.

Kunduz · Accepted Answer

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