Solve the Problem. -A Country Has a Population Growth Rate of 2.4% Compounded

question 195

Multiple Choice

Solve the problem.
-A country has a population growth rate of 2.4% compounded continuously. At this rate, how long will it take for the population of the country to double? Round your answer to the nearest tenth.

• A) 28.9 years
• B) 2.9 years
• C) 30 years
• D) .29 years

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Definitions:

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, assigning weights to some of the numbers more than others.

Stock Options

Financial instruments granting the holder the right, but not the obligation, to buy or sell a stock at a specified price within a certain period.

GAAP

Generally Accepted Accounting Principles, which are standards and conventions for financial reporting in the United States.

Compensation Costs

The expenses incurred by a company to pay employees, including salaries, benefits, bonuses, and social security contributions.