How Long Will It Take for $800 to Grow to $1300

question 213

Multiple Choice

How long will it take for $800 to grow to $1300 at an interest rate of 5.6% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.

• A) 8.91 yr
• B) 34.92 yr
• C) 8.73 yr
• D) 29.22 yr

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Definitions:

Resource Markets

Markets where productive inputs like labor, machinery, and raw materials are bought and sold, facilitating the production of goods and services.

Product Market

The marketplace in which final goods or services are offered to consumers, businesses, and the public.

Circular Flow Model

An economic model illustrating the continuous movement of goods, services, and money among households and businesses in an economy.

Market System

An economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in free markets.