Solve the problem.A college loan of $25,000 is made at 4% interest, compounded annually. After t years, the amount due, A, is given by the function A(t) = 25,000(1.04)t .After what amount of time will the amount reach $37,000? Round your answer to the nearest tenth.
A. 0.4 yr
B. 10.0 yr
C. 0.1 yr
D. 68.7 yr
Answer: B
Mathematics
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