How Long Does It Take for an Account Containing $7,000

question 41

Multiple Choice

How long does it take for an account containing $7,000 to be worth $15,900 if the money is invested at 9% compounded monthly? Round your answer to the one decimal place. ​

• A)10.7 years
• B)7.6 years
• C)9.1 years
• D)9.9 years
• E)11.4 years

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Definitions:

Long-Run Average Cost Curve

A graphical representation that shows the lowest cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

ATC

The abbreviation for Average Total Cost, which is the total cost divided by the number of goods produced.

Fixed Cost

Costs that do not vary with the level of output or production, such as rent or salaries.

Variable Cost

Costs that vary directly with the level of output or production volume, such as materials and labor expenses.