Compound Interest Loan

How many years would it take for the debt of a compound interest loan to grow by 46% if the annual compound interest rate is 2.9%?

Round your answer to the nearest tenth of a year. 

Solution

1.46P = P(1.029)^T

1.46 = 1.029^T

Log 1.46 = T * Log 1.029

T = Log 1.46/1.029 = 13.2378

13 years 3 months