Posted by Martin on Tuesday, October 9, 2012 at 10:39pm.
If you borrow $15,000 from your dad for college and you agree to pay him $25,000 back at 8% compound interest per year. How many years do you think you have to do this? In other words, given the amounts and the interest rate, what is the number of years?

math  Reiny, Tuesday, October 9, 2012 at 11:00pm
so
25,000 = 15,000(1.08)^n
5/3 = 1.08^n
log(5/3) = n log 1.08
n = log(5/3) / log 1.08 = appr 6.6 years

math  Don, Thursday, October 11, 2012 at 10:11am
Holy Waa!!
Your dad is a loan shark.... call the cops!
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