Solve the Problem $\$ 26,000$ Is Made At $4 \%$ Interest, Compounded Annually

question 111

Multiple Choice

Solve the problem.
-A college loan of $\$ 26,000$ is made at $4 \%$ interest, compounded annually. After t years, the amount due, $A$ , is given by the function $A ( t ) = 26,000 ( 1.04 ) ^ { t } \text {. }$ After what amount of time will the amount reach $\$ 41,000$ ? Round your answer to the nearest tenth.

• A) \(0.1 \mathrm { yr }\)
• B) \(11.6 \mathrm { yr }\)
• C) \(70.3 \mathrm { yr }\)
• D) \(0.4 \mathrm { yr }\)

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