A loan of $11000 is made at 3.24% interest, compounded annually. After how many years will the amount due reach $17,000 or more?

t = 14 years

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total value of the loan at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount borrowed

From the information given,

A = 17000

P = 11000

r = 3.24% = 3.24/100 = 0.0324

n = 1 because it was one in a year.

Therefore,.

17000 = 11000(1+0.0324/1)^1× t

Dividing through by 11000, it becomes

17000/11000 = 1.0324^t

1.54 = 1.0324^t

Taking log of both sides, it becomes

Log 1.54 = log 1.0324^t

0.187 = tlog 1.0324

0.187 = 0.0138t

t = 0.187/0.0138

,t = 14 years

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