Solve the Problem $\$ 14,000$ Is Invested At $6 \%$ Interest Compounded Quarterly and Grows To

question 290

Multiple Choice

Solve the problem.
- $\$ 14,000$ is invested at $6 \%$ interest compounded quarterly and grows to $\$ 16,738.65$ . For how long was the money invested? Round to the nearest year.

• A) \(3 \mathrm { yr }\)
• B) \(12 \mathrm { yr }\)
• C) \(9 \mathrm { yr }\)
• D) \(2 \mathrm { yr }\)

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Definitions:

Common Stock Subscribed

Temporary stockholders’ equity account that records at par value stock that has been subscribed to but not fully paid for.

Organization Expense

These are initial costs incurred in the process of starting a business, such as legal fees, state fees, and promotional expenses, which may be expensed or capitalized over time.

Common Stock

A form of corporate equity ownership, a type of security representing an ownership share in a corporation.

Common Stock Subscribed

Common stock subscribed refers to shares that investors have committed to purchase but have not yet been issued by the company.