Solve the Problem $\$ 2,700$ Investment to Double If It Is Invested At

question 191

Multiple Choice

Solve the problem.
-Find out how long it takes a $\$ 2,700$ investment to double if it is invested at $7 \%$ compounded semiannually. Round to the nearest tenth of a year. Use the formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ .

• A) \(9.9\) years
• B) \(10.3\) years
• C) \(10.5\) years
• D) \(10.1\) years

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Definitions:

μ

The sign typically utilized to denote the average or mean in math and statistical analysis.

Poisson Distribution

A numerical distribution detailing the probability of specific event counts happening over a determined timeframe or spatial range.

Negative Exponential Distribution

A probability distribution used to model the time between events in a Poisson process, representing the decay of quantities.

Average Arrival Rate

A metric used in queueing theory indicating the average number of entities (people, items, etc.) arriving at a system or service point per unit of time.