An Initial Investment of $1000 Grows at an Annual Interest

question 112

Multiple Choice

An initial investment of $1000 grows at an annual interest rate of 7% compounded continuously. How long will it take to double the investment?

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

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Definitions:

Conclusion

The end or finish of an event, process, or text, often containing a summary of the arguments or main points.

Inductive Argument

A form of reasoning in which the premises provide some evidence, but not full assurance, of the truth of the conclusion.

Analogy

Analyzing the similarities or differences between two items, usually to explain or make something clearer.

Identical

Exactly the same, without any difference.