How Long Will It Take an Investment of $1,000 to Double

question 237

Multiple Choice

How long will it take an investment of $1,000 to double if the investment earns interest at the rate of 8% / year compounded monthly? Round your answer to one decimal place. ​

• A) 8.9 year(s)
• B) 8.6 year(s)
• C) 8.4 year(s)
• D) 8.7 year(s)

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