Solve the Problem $$A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$$

question 173

Multiple Choice

Solve the problem.
-Find out how long it takes a $3300 investment to double if it is invested at 9% compounded monthly. Round to the nearest tenth of a year. Use the formula $$A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$$ .

• A)7.9 yr
• B)7.5 yr
• C)7.7 yr
• D)8.1 yr

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