Solve the Problem

question 69

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-How long will it take for $8400 to grow to $14,600 at an interest rate of 9.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 0.59 year
• B) 0.06 year
• C) 5.88 years
• D) 58.81 years

---

Definitions:

Individualistic Culture

A culture in which the emphasis is on individual initiative, achievement, and creativity over maintenance of social cohesion.

Social Role

A set of expectations, norms, and behaviors that a society attaches to a particular status or position within a social structure.

Equality Matching

A principle of social justice and fairness where resources or efforts are shared equally among members of a group.

Legal Institutions

Structures and mechanisms of social order and cooperation governing the behavior of a set of individuals within a given human community, focusing on laws and regulations.