How Long Will It Take for $8200 to Grow to $42,000

question 149

Multiple Choice

How long will it take for $8200 to grow to $42,000 at an interest rate of 4.7% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 34.76 yr
• B) 1.11 yr
• C) 3475.61 yr
• D) 3.48 yr

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Definitions:

Price Falls

A situation where the cost of goods or services decreases, often reflecting changes in supply and demand.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service.

Equilibrium Price

A price point where the supply of goods meets the demand for those goods in the market.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a specific price over a certain period of time.