Solve the Problem

question 69

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-How long will it take for $8400 to grow to $14,600 at an interest rate of 9.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 0.59 year
• B) 0.06 year
• C) 5.88 years
• D) 58.81 years

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Definitions:

Economic Value Added

Economic Value Added is a financial performance measure that calculates the excess return on investment over the required rate of return for shareholders.

Residual Income

A financial metric that calculates the amount of income generated exceeding the minimum rate of return.

Goal Congruence

A condition in organizational management whereby the goals of the individuals align with the objectives of the organization, fostering a collaborative effort towards achieving those objectives.

Decentralised Organisation

An organizational structure in which decision-making authority is distributed among various levels and departments, promoting agility and faster decision-making.