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:

Transfer Distribution

The allocation or reallocation of income or wealth through mechanisms other than market transactions, such as taxation or welfare payments.

Noncash Transfer

A government transfer payment in the form of goods and services rather than money, for example, food stamps, housing assistance, and job training; also called in-kind transfers.

TANF

Temporary Assistance for Needy Families is a US federal program aimed at aiding families in need to become self-sufficient.

SNAP

The Supplemental Nutrition Assistance Program, a federal aid program providing food-purchasing assistance for low- and no-income people in the U.S.