posted by Jen .
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?
Yes, our answers are exactly the same!