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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