Solve the Problem. -How Long Will It Take for $3000 to Grow to to Grow

question 63

Multiple Choice

Solve the problem.
-How long will it take for $3000 to grow to $22,600 at an interest rate of 3.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 6.51 yr
• B) 65.14 yr
• C) 0.65 yr
• D) 6513.99 yr

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Definitions:

Proximity

Physical or psychological closeness between people, which can significantly influence social bonds and relationships.

Physical Attractiveness

The degree to which a person's physical features are considered aesthetically pleasing or beautiful.

Similarity

The state of being alike or having attributes in common, often used to describe comparability between objects, individuals, or concepts.

Reciprocal Liking

The phenomenon where individuals tend to like others who express liking towards them.