How Long Does It Take for $8,000 Invested at 11

question 93

Multiple Choice

How long does it take for $8,000 invested at 11% annual simple interest to be worth $13,000? Round your answer to two decimal places.

• A)23.86 years
• B)56.82 years
• C)5.68 years
• D)3.50 years
• E)0.57 years

---

Definitions:

Appointed Members

Individuals chosen or designated to serve on boards, committees, or other bodies based on specific criteria or qualifications rather than elected by a general vote.

Fund-Raising Efforts

Activities or campaigns undertaken to gather financial support for a cause, organization, or project.

Policy

A principle or set of guidelines formulated or adopted by an organization, government, or individual to guide decisions and achieve rational outcomes.

Ground Rules

Basic guidelines or agreed-upon principles that govern the conduct of activities, discussions, or work within a group or organization.