Solve the Problem. -How Long Will It Take for $3000 to Grow to to Grow

question 63

Multiple Choice

Solve the problem.
-How long will it take for $3000 to grow to $22,600 at an interest rate of 3.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 6.51 yr
• B) 65.14 yr
• C) 0.65 yr
• D) 6513.99 yr

---

Definitions:

Book Value

The net value of a company's assets minus its liabilities, often used to assess the financial health of a business.

Double-Declining-Balance Method

An accelerated method of depreciation that doubles the normal depreciation rate.

Journal Entry

A record of a transaction in the accounting journal that may affect one or more accounts.

Residual Value

The projected worth of an asset at the time of sale, after it has served its purpose.