Solve the Problem. -Suppose That $8000 Is Invested at an Interest Rate of Interest

question 16

Multiple Choice

Solve the problem.
-Suppose that $8000 is invested at an interest rate of 5.5% per year,compounded continuously.How long would it take to double the investment?

• A)13.6 yr
• B)2 yr
• C)12.6 yr
• D)11.6 yr

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Definitions:

Total

The sum or aggregate amount resulting from the addition of individual items or elements in a set.

Credit Purchase

Buying goods or services and deferring payment to a later date, typically recorded as accounts payable.

Liabilities

Economic responsibilities or liabilities a corporation has towards other entities, necessitating repayment through transferring assets like money, merchandise, or services eventually.

Assets

Economic resources controlled by a business, capable of producing value, and are expected to benefit future operations, including cash, inventory, and property.