Solve the Problem. -How Long Does It Take $1125 to Triple If It

question 181

Multiple Choice

Solve the problem.
-How long does it take $1125 to triple if it is invested at 7% interest, compounded quarterly? Round your answer to the nearest tenth.

• A) 15.8 years
• B) 18.1 months
• C) 15.8 months
• D) 18.1 years

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Definitions:

Calculating Figures Conservatively

Estimating numbers or financial data in a cautious manner, often underestimating to avoid overstatement or risk.

Budgets

Financial plans that outline expected income and expenses over a specified period, guiding spending and resource allocation decisions.

Proposal

A formal suggestion or plan put forward for consideration or discussion by others.

Methods Section

Part of academic or research papers detailing the procedures and techniques used during the research to ensure reproducibility.