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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Definitions:

Majority

Majority refers to more than half of a specific group or quantity, often used to describe the greater part of a population or collection.

Virtue

Moral excellence or righteousness, characterized by adherence to moral principles like honesty, compassion, and courage.

Ethical Decisions

Choices made based on moral principles and values, considering what is right and wrong, and often involving dilemmas where interests conflict.

Values

Represent the core principles or standards that guide an individual's or group's behavior and decision-making processes.