How Long Will It Take $3,000 to Grow to $8,500

question 251

Short Answer

How long will it take $3,000 to grow to $8,500 if the investment earns interest at the rate of 18% / year compounded monthly? Round your answer to the nearest tenth.
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__________ year(s)

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Definitions:

Financial Position

A snapshot of the resources, liabilities, and equity of an entity at a given point in time.

Originally Scheduled Payment

The payment amount set according to the initial agreement or schedule before any adjustments.

Late Payment

A charge imposed for failing to pay a bill, invoice, or another financial obligation on time.

Rate of Return

The profit or deficit experienced on an investment within a specific duration, shown as a percentage of the investment's initial value.