Solve the Problem. -How Long Will It Take for an Investment to Triple

question 133

Multiple Choice

Solve the problem.
-How long will it take for an investment to triple in value if it earns 11.5% compounded continuously? Round your answer to three decimal places.

• A)10.024 yr
• B)6.027 yr
• C)9.553 yr
• D)4.777 yr

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Definitions:

Positive Economic Statement

An objective statement that can be tested or validated through observation or empirical evidence.

Economic Theory

A framework or set of principles formulated to analyze the economy and make predictions about various economic scenarios.

Rational Self-Interest

A theory that suggests individuals always make decisions that they perceive to be in their own best interest.

Pure Selfishness

an ethical or philosophical perspective prioritizing self-interest or personal gain above the welfare of others.