A loan of $43,000 is made at 7% interest, compounded annually. After how many years will the amount due reach $72,000 or more?

To solve this problem, we can use the formula for compound interest, which is:

A = P(1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = the time the money is invested for in years

In this case, we are trying to find out the time 't', so we will need to rearrange the formula to solve for 't'.

Given: P = $43,000 A =$72,000 r = 7% or 0.07 (in decimal) n = 1 (since the interest is compounded annually)

Substituting these values into the formula, we get:

72,000 = 43,000(1 + 0.07/1)^(1*t)

Solving for 't', we get:

t = ln(72,000/43,000) / (1 * ln(1 + 0.07/1))

Using a calculator to compute the natural logarithm (ln), we find that:

t ≈ 9.6 years

So, it will take approximately 10 years (rounding up to the nearest whole year) for the amount due to reach $72,000 or more.