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:

Concept

A general idea or understanding that is the foundation for further ideas, actions, or strategies.

Market's Volatility

The degree of variation of a trading price series over time, often measured by the standard deviation of returns.

Value Line Index

An index which represents the performance of stocks in the market, aiming to include a broad spectrum of companies across different industries.

Geometric Average

The nth root of the product of n numbers. It is used to measure the compound rate of return over a given sample period.