Write the Word or Phrase That Best Completes Each Statement $\$ 1600$

question 41

Multiple Choice

Write the word or phrase that best completes each statement or answers the question.
-How long will it take for $\$ 1600$ to grow to $\$ 24,300$ at an interest rate of $4.4 \%$ if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) \(6182.89 \mathrm { yr }\)
• B) \(1.89 \mathrm { yr }\)
• C) \(6.18 \mathrm { yr }\)
• D) \(61.83 \mathrm { yr }\)

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Definitions:

Purchased On Account

Transactions where goods or services are bought on credit, with payment to be made at a later date.

Accounts Receivable

Amounts due to a firm from its clients for goods or services delivered but not yet compensated for.

Subsidiary Ledgers

Detailed records that contain information about specific accounts, supporting the totals recorded in the general ledger.

General Ledger

The master set of accounts that summarize all transactions occurring within an entity, providing a complete record of financial transactions over the life of the company.