Solve the Problem $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$

question 323

Multiple Choice

Solve the problem.
-Find out how long it takes a $2,700 investment to double if it is invested at 7% compounded semiannually. 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) 10.3 years
• C) 10.5 years
• D) 10.1 years

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