How Long Will It Take an Investment of $9,000 to Double

question 141

Multiple Choice

How long will it take an investment of $9,000 to double if the investment earns interest at the rate of 9% / year compounded monthly?

• A) 7.5 year(s)
• B) 7.8 year(s)
• C) 7.7 year(s)
• D) 8.0 year(s)

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Definitions:

Additional Time

An extension of time provided beyond the original allotment, often used in contexts such as examinations, project deadlines, or sports matches.

Inches

A unit of length in the imperial and United States customary systems, equivalent to 1/12 of a foot or 25.4 millimeters.

Contemporary Perspective

Present-day viewpoints or methods of understanding in a particular field, often considering the latest research and developments.

Daily Basis

The frequency of something happening or being performed every day.