How Long Will It Take $20,000 to Double If It

question 6

Multiple Choice

How long will it take $20,000 to double if it is invested in a savings account that pays 5.5% annual interest compounded continuously? Round to the nearest year.

• A)19 years
• B)8 years
• C)11 years
• D)12 years
• E)13 years

---

Definitions:

Debt

Money owed by one party, the debtor, to another, the creditor, typically arising from a transaction of a loan or credit.

Unilateral Contract

A contract in which one party promises to perform a certain action in response to an act of the other party.

Offeree's Performance

The actions or fulfillment of conditions by the party to whom an offer has been made in a contract scenario.

Reward

A sum offered for the performance of some service or attainment of a specific goal, typically by the government or other institutions.