A loan of $36,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach $57,000 or more?

After 7.04 years the amount will reach $57,000 or more

Step-by-step explanation:

The rule of the compound interest is , where

∵ A loan of $36,000 is made at 6.75% interest, compounded annually

∴ P = 36,000

∴ r = 6.75% = 6.75 ÷ 100 = 0.0675

∴ n = 1 ⇒ compounded annually

∵ The amount after t years will reach $57,000 or more

∴ A = 57,000

→ To find t substitute these values in the rule above

∵ 57,000 = 36,000

∴ 57,000 = 36,000

→ Divide both sides by 36,000

∵ =  

→ Insert ㏒ in both sides

∴ ㏒( ) = ㏒

→ Remember ㏒ = n ㏒()

∵ ㏒( ) = t ㏒(1.0675)

→ Divide both sides by ㏒(1.0675)

∴ 7.035151337 = t

∴ t ≅ 7.04

∴ After 7.04 years the amount will reach $57,000 or more

step-by-step explanation:

think about the doctor who treated the major and the speaker in the short story "in another country." put yourself in the shoes of the doctor, and based on what you read in the story, write what you think his thoughts about the major and the speaker would be. use the following vocabulary in your response and change the form of these words as needed: detached resign withered