How Long Will It Take $6500 to Triple If It

question 40

Multiple Choice

How long will it take $6500 to triple if it is invested at an annual interest rate of 8.5% compounded continuously? Round to the nearest year.

• A)24 years
• B)8 years
• C)65 years
• D)16 years
• E)13 years

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Definitions:

Cross-sectional Method

A research design that examines a group of individuals of different ages or stages at a single point in time.

Longitudinal Method

A developmental research method in which the same persons are observed repeatedly as they grow older; conceptually similar to a repeated measures design.

Developmental Change

The process of change or growth that occurs in organisms over time, often studied in psychology to understand how people evolve through different life stages.

Sequential Method

A research approach that combines elements of both qualitative and quantitative methods, applied in a specific sequence to enrich data collection and analysis.