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

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Definitions:

Delivering Criticism

The act of providing constructive feedback or expressing disapproval aimed at encouraging improvement.

Risks And Benefits

The potential negative and positive outcomes associated with a decision or action.

Communicating

The act of conveying information or expressing ideas and emotions through speech, writing, gestures, or other methods.

Legal Implications

Legal implications refer to the potential consequences or legal outcomes that may result from actions, decisions, or business practices within the framework of the law.