how many years would it take for the debt of a compound interest loan to grow by 32% if the annual compound interest rate is 4.8%

Jamar Hays 2022-09-14 Answered
How many years would it take for the debt of a compound interest loan to grow by 32% if the annual compound interest rate is 4.8%
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Answers (1)

Duncan Kaufman
Answered 2022-09-15 Author has 17 answers
Let initial amount is P
Amount,
A = P ( 1 + 4.8 100 ) t 132 100 = ( 104.8 100 ) t 1.32 = ( 1.048 ) t ln 1.32 = t ln ( 1.048 ) t = 5.92

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