Solve. -How Long Will It Take for $8600 to Grow to to $35,700

question 133

Multiple Choice

Solve.
-How long will it take for $8600 to grow to $35,700 at an interest rate of 7.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) 20.05 yr
• B) 2.00 yr
• C) 2 yr
• D) 2004.77 yr

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Definitions:

Exchange Rate

The exchange rate is the value of one currency for the purpose of conversion to another. It expresses how much of one currency is needed to buy a unit of another currency.

Loanable Funds

The money available for borrowing in the financial markets, determined by the savings of households and income not used for consumption or taxes by businesses and governments.

Exchange Rate

The value of one currency for the purpose of conversion to another, determining how much of one currency can be exchanged for another.

Net Capital

The total value of a company’s or individual's assets minus liabilities, representing the owner's equity or net worth.