How Long Will It Take for $8400 to Grow to $14.600

question 35

Multiple Choice

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)5.88 yr
• B)58.81 yr
• C)0.59 yr
• D)0.06 yr

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Definitions:

Molecule

The smallest unit of a chemical compound that can exist, consisting of two or more atoms bonded together.

Earth

The third planet from the Sun in our solar system, home to diverse ecosystems and the only known place in the universe supporting life.

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Organic compounds serving as the building blocks of proteins, containing both amino and carboxylic acid functional groups.

Tidal Flat

A flat, muddy area of land that is covered and uncovered by the sea at high and low tides, respectively.