Solve the Problem. -How Long Will It Take for $2100 to Grow to to Grow

question 44

Multiple Choice

Solve the problem.
-How long will it take for $2100 to grow to $45,800 at an interest rate of 3.3% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.

• A) 94.94 yr
• B) 663.62 yr
• C) 93.79 yr
• D) 375.16 yr

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Definitions:

Accounting Period

A specific time frame for which financial information is reported, usually a fiscal year or quarter.

Accounting Cycle

The complete set of accounting procedures from recording transactions to preparing financial statements within a specific period.

Fiscal Period

A specific time period for which a company prepares financial statements, typically a year or quarter.

Adjusted Trial Balance

A list of all accounts and their final balances after adjustments, used to prepare financial statements.