Compute the Compound Interest

question 69

Multiple Choice

Compute the compound interest.
-How long will it take for $5000 to grow to $15,500 at an interest rate of 3.1% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.

• A) 37.06 yr
• B) 100.39 yr
• C) 36.64 yr
• D) 146.55 yr

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