a loan of 38000 is made of 3% interest, compounded annualy. after how many years will the amount due reach 49000 or more

the time period is 9 years

Step-by-step explanation:

The computation of the number of years is as follows:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

$49,000 = $38,000 × (1 + 0.03)^number of years  

$49,000 ÷ $38,000 = 1.03^number of years  

tlog(1.03) = log($49 ÷ $38)

Now apply the log formula in calculator or in excel  

t = log(49 ÷ 38) / log(1.03)

= 8.6

= 9 years

Hence, the time period is 9 years

answer for #1 is c

answer for #2 is d

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step-by-step explanation:

we can analyze the pattern at which the terms increase. let us denote , , , so that we can call

note the following:

the pattern: to get the next term value, we just add the next term number (e.g. 1st, 2nd, to the previous term value (term values are the given numbers in the question, 1, 3, 6, 10, 15,

from , to get to , we add

from , to get to , we add

etc.

we need to form a recursive formula, a formula that has the next term as a function of the previous term. so a possible recursive formula can be

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