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:

Maintenance

Maintenance involves the actions taken to keep equipment, systems, or structures in working order or to restore them to proper operation after failure.

Private Owners

Individuals or entities that hold exclusive ownership rights over assets or properties, distinguishing from public or state ownership.

Bonuses

Additional financial compensation awarded to employees on top of their regular salary based on performance or achievement.

Contribution Margin

A costing approach that evaluates the profitability of individual products or services by subtracting variable costs from sales revenue.