Homework Help: Math

Posted by Jen on Monday, January 24, 2011 at 7:40pm.

A loan of $37,000 is made at 3%interest, compounded annually. After how many years will the amount due reach $49,000 or more? (Use the calculator provided if necessary.)

Write the answer as a whole number.

****I get 1.03^10 = 49,724.91

So is the answer 10 years at 49,725.00?

Math - Henry, Wednesday, January 26, 2011 at 4:31pm
Yes, our answers are exactly the same!

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