Solve the Problem $\$ 3000$ Investment to Double If It Is Invested At

question 119

Multiple Choice

Solve the problem.
-Find out how long it takes a $\$ 3000$ investment to double if it is invested at $7 \%$ compounded monthly. Round to the nearest tenth of a year. Use the formula $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$ .

• A) \(9.9\) years
• B) \(10.1\) years
• C) \(9.7\) years
• D) \(10.3\) years

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Definitions:

Hawthorne Studies

A series of studies conducted in the early 20th century that examined how work environment and conditions affect worker productivity, highlighting the importance of social factors.

Human Relations

The study and practice of improving interaction and understanding between people in a workplace or social contexts.

Workplace Relations

The dynamics and interactions between employees and employers, including communication, teamwork, and conflict resolution.

Behavioral Problems

Refers to actions or conduct that are inappropriate or problematic, often causing concern in social, educational, or professional settings.