Solve the Problem. -If $4,000 Is Invested at 7% Compounded Annually, How Long

question 124

Multiple Choice

Solve the problem.
-If $4,000 is invested at 7% compounded annually, how long will it take for it to grow to $6,000, assuming no withdrawals are made? Compute answer to the next higher year if not exact.

• A) 6 years
• B) 5 years
• C) 2 years
• D) 8 years

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