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

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Definitions:

Marginal Social Benefit

The supplementary gain to the public derived from making one extra unit of a good or service.

Pollution

The contamination of the natural environment with harmful substances or energies resulting in adverse effects on living organisms and ecosystems.

Tradable Emissions Permits

A system in which companies are allocated permits that allow them to emit a certain level of pollutants, with the option to buy, sell, or trade permits with other companies.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market, leading to market balance.