An Initial Investment of $6000 Grows at an Annual Interest

question 143

Multiple Choice

An initial investment of $6000 grows at an annual interest rate of 7% compounded continuously. How long will it take to double the investment?

• A)9.90 years
• B)1 year
• C)10.29 years
• D)10.90 years
• E)9.29 years

Recognize the applicability of managerial accounting across different types of organizations.

Grasp the fundamental accounting principles guiding managerial and financial accounting.

Understand the role of inventory management techniques such as just-in-time in reducing inventory levels and costs.

Distinguish between internal and external reporting requirements and their audiences.

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Definitions:

EIN

Employer Identification Number, a unique nine-digit number assigned by the IRS to businesses for the purposes of identification and tax reporting.

IRS

The Internal Revenue Service, a U.S. government agency responsible for tax collection and enforcement of tax laws.

Tax Returns

Official documents submitted to tax authorities declaring income, expenses, and pertinent information to calculate tax liability.

International Trade Union Confederation

An international organization aimed at promoting the interests of workers globally through international cooperation and advocacy.