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:

Retirement Program

A financial plan that provides income to individuals after they have ceased working, often involving contributions from both the employer and employee.

Gross Salary

The total earnings of an employee before any deductions like taxes and retirement contributions.

Accrued Benefits

Benefits earned or accumulated but not yet paid to employees or policyholders.

Employee Benefits Expense

Costs incurred by employers to provide benefits to employees, such as health insurance, pensions, and paid leave, beyond regular wages or salaries.