Answer:
Step-by-step explanation:
11 years
Using the compound interest formula. :
Final amount, A = 41000 or more
Rate, r = 7% = 0.07
Loan amount, P = 20,000
Number of compounding times per period = 1
A = P(1 + r/n)^nt
41000 = 20000(1 + 0.07)^t
41000/20000 = 1.07^t
2.05 = 1.07^t
t = log(2.05) / log(1.07)
t = 10.609727
t = 11 years
