Solve the Problem. -Find How Long It Will Take for $8600 Invested at $8600

question 280

Multiple Choice

Solve the problem.
-Find how long it will take for $8600 invested at 9.325% per year compounded daily to triple in value. Find the answer to the nearest year.

• A) 1,569,773 years
• B) 15,895 years
• C) 0 years
• D) 12 years

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Definitions:

Project

A scheduled collection of connected activities designed to be completed within a specific timeframe and under predetermined budget and restrictions.

Discount Rate

The interest rate used to determine the present value of future cash flows in discounted cash flow analysis.

Scrap Value

The estimated worth of a tangible asset at the end of its useful life, often related to material goods that can be recycled or sold for parts.

Investment

The allocation of resources, typically monetary, into assets or projects expected to generate returns or income over time.