SOLUTION: A college loan of $30,000 is made at 8% interest compounded annually. After t years,the amount due,A,is given by the function A (t)=30,000 (1.08)^t a)After what amount of time wil

Question 419387: A college loan of $30,000 is made at 8% interest compounded annually. After t years,the amount due,A,is given by the function A (t)=30,000 (1.08)^t
a)After what amount of time will the amount due reach $45,000?
t= years
Thank you ,
Debbie
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

Divide both sides by

Take the log of both sides

Now use the general rule:

Divide both sides by

To find months, yrs x months/yr = 3.228
So far I have 5 yrs 3.228 months
To find days, months x days/month =
So, the time is 5 years, 3 months, 7 days
--------------
check the answer:

(by my calculator)
close enough
RELATED QUESTIONS
A college loan of $44,000 is made at 3% interest, compounded annually. After t years, the (answered by nerdybill)

a loan of $12,000 is made at 14%interest compounded annually,after t years the amount... (answered by rfer)

A loan of $48,000 is made at 8.75% interest, compounded annually. After how many years... (answered by ikleyn)

A loan of $45,000 is made at 5.5% interest, compounded annually. After how many years... (answered by math_tutor2020,ikleyn)

A loan of $13,000 is made at 4.25% interest, compounded annually. After how many years... (answered by Chipmonkcheeks)

A loan of $40,000 is made at 4.75% interest , compounded annually after how many years... (answered by lwsshak3)

A loan of 26000 is made at 3.5% interest, compounded annually. After how many years will... (answered by greenestamps)

Can someone help me with this. a loan of $26,000 is made at 6% interest, compounded... (answered by lwsshak3)