How Long Will It Take $30,000 to Quadruple If It

question 9

Multiple Choice

How long will it take $30,000 to quadruple if it is invested in a savings account that pays 3.5% annual interest compounded continuously? Round to the nearest year.

• A)40 years
• B)42 years
• C)39 years
• D)38 years
• E)37 years

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Definitions:

Progressive Tax

A tax system in which tax rates increase as the taxable amount increases, placing a higher tax burden on individuals with higher incomes.

Regressive Tax

A tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases, disproportionately affecting lower-income individuals.

Tax Payments

The compulsory contributions to state revenue levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

International Trade

The exchange of goods and services across international borders or territories, involving imports and exports.