finding the time to reach a limit in a word problem

Question

A loan of $33,000  is made at 3%

 interest, compounded annually. After how many years will the amount due reach $46,000

 or more? (Use the calculator provided if necessary.)

Answer 1

46,000 = 33,000(1+.03)^t

1.03^t = 46/33 = about 1.4

t = about 11 1/2 years to reach at least 46,000

1.03^11.5 = 1.4048 = about 46,000/33,000