Solve the Problem. -How Long Will It Take for $5100 to Grow to to Grow

question 287

Multiple Choice

Solve the problem.
-How long will it take for $5100 to grow to $5300 at an interest rate of 4.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 0.87 yr
• B) 0.09 yr
• C) 87.42 yr
• D) 0.03 yr

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Definitions:

Final Surrender

The act of officially ending conflict by conceding defeat, often marked by the signing of a document or public declaration, signaling the cessation of hostilities.

Civil War

A war between citizens of the same country, famously referring to the American Civil War from 1861 to 1865, which was fought over the issues of states' rights and slavery.

April, 1865

A significant month during the American Civil War, marked by the surrender of Confederate General Robert E. Lee, effectively ending the war.

Election of 1860

The 19th presidential election in the United States, resulting in Abraham Lincoln's victory, which precipitated the American Civil War.