Solve the Problem $\$ 2900$ Investment to Double If It Is Invested At

question 13

Multiple Choice

Solve the problem.
-Find out how long it takes a $\$ 2900$ investment to double if it is invested at $7 \%$ compounded monthly. Round to the nearest tenth of a year. Use the formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ .

• A) \(9.9\) years
• B) \(10.1\) years
• C) \(9.7\) years
• D) \(10.3\) years

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Definitions:

Draft

A written order drawn on one person by another, requesting him to pay money to a designated third person.

Demand

A claim; a legal obligation; a request to perform an alleged obligation; a written statement of a claim. In corporation law, a request that the board of directors sue a person who has harmed the corporation; a prerequisite to a shareholder derivative suit.

Commercial Paper

Negotiable paper such as promissory notes, drafts, and checks that provides for the payment of money and can readily be transferred to other parties.

Unconditional Order

A directive that must be followed without any stipulations or requirements.