A loan of $23,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 36,000 or more?
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Answer:
After 11 weeks, Darnell′s savings account will have a total of $8,360.
Step-by-step explanation:
The data provided is as follows:
n: 1 2 3 4
f (n): 260 360 460 560
Consider the data for f (n).
The series f (n) follows an arithmetic sequence with a common difference of 100 and first term as 260.
The nth term of an arithmetic sequence is:
Compute the value of f (11) as follows:
Thus, after 11 weeks, Darnell′s savings account will have a total of $8,360.