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:

Interest-rate Cost

The expense incurred from borrowing money, typically expressed as a percentage of the principal amount.

Scientific Character

The nature or behavior of something that is based on or in accordance with the principles of science.

Technological Opportunities

The possibilities for technological innovation and development, often leading to new products, services, or processes.

Industry's Concentration

An indicator of how much a few companies control the overall output, sales, or market share within a sector.