Solve the Problem

question 216

Multiple Choice

Solve the problem. Round your answer to three decimals.
-How long will it take for an investment to triple in value if it earns 8.5% compounded continuously?

• A) 12.925 years
• B) 8.155 years
• C) 6.462 years
• D) 13.797 years

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Definitions:

Contract Obligations

Responsibilities and duties that parties are legally bound to perform as per the terms of a contract.

Commercial Impracticability

A doctrine in contract law that excuses a party from fulfilling their contractual obligations due to unforeseen, extreme hardships.

Revoking Acceptance

The act of legally rejecting a product or service after initially accepting it, based on certain conditions being met.

Nonconforming Goods

Products or items delivered under a contract that do not meet the specifications, standards, or requirements agreed upon.