A $22,000 loan was taken out. If $24,805 is due at the end of the loan after being compounded daily at 2.5%, how many years was the loan for? (Round to the nearest tenth of a year)
Provide your answer below

9514 1404 393

  4.8 years

Step-by-step explanation:

Solving the compound interest formula for the number of years gives ...

  t = log(A/P)/(n·log(1 +r/n))

where principal P invested at rate r compounded n times per year produces value A after t years.

  t = log(24805/22000)/(365·log(1 +0.025/365)) ≈ 4.800

The loan was for 4.8 years.

the answer is c)8

step-by-step explanaction:

b. 6

step-by-step explanation:

we are given the table representing an exponential function.

we can see from the table that, as x is increasing, the value of y is increasing in the power of 6.

i.e. the following relation is obtained,

x = 1, y = 6

x = 2, y = 36 =

x = 3, y = 216 =

x = 4, y = 1296 =

x = 5, y = 7776 =

so, the geometric series obtained is .

thus, the common ratio is given by = = 6.

hence, the common ratio is 6.