How Long (In Years) Would $550 Have to Be Invested

question 109

Multiple Choice

How long (in years) would $550 have to be invested at an annual rate of 12%, compounded continuously, to amount to $1,099? Round your answer to two decimal places. ​

• A)6.92 years
• B)6.35 years
• C)7.50 years
• D)3.46 years
• E)5.77 years

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Definitions:

Educational Expenses

Costs associated with attending an educational institution, including tuition, fees, books, and living expenses.

Separate Schools

Educational institutions segregated by certain criteria, such as gender, religion, or ethnicity, often leading to debates about equality and accessibility in education.

Student Nonviolent Coordinating Committee

A civil rights organization founded in 1960 that played a major role in the civil rights movement, advocating for justice and equality through nonviolent protest.

Freedom Summer

A volunteer campaign in the United States during the summer of 1964 aiming to register as many African-American voters as possible in Mississippi, known for its resistance to civil rights.