Solve. -How Long Will It Take for $7600 to Grow to to $23,400

question 187

Multiple Choice

Solve.
-How long will it take for $7600 to grow to $23,400 at an interest rate of 2.1% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.

• A) 53.69 yr
• B) 214.77 yr
• C) 147 yr
• D) 54.11 yr

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Definitions:

Straight-Line Method

A method of calculating depreciation or amortization by evenly spreading the cost of an asset over its useful life.

Consolidated Statement

A financial document that presents the combined financial position and results of operations for a parent company and its subsidiaries, treating them as a single economic entity.