How Long Will It Take $1,500 to Triple If It

question 17

Short Answer

How long will it take $1,500 to triple if it is invested at 9% annual interest, compounded continuously? Round your answer to one decimal place. __________ years

---

Definitions:

Capital Goods

Physical assets such as machinery and buildings used by businesses to produce goods and services over time.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, indicating an improvement in the country's economic health.

Resource Allocation

The process of distributing available resources among various competing needs or uses in order to achieve desired objectives.

Production Possibilities Curve

A graphical representation that shows the maximum quantity of one good that can be produced for any given quantity produced of another good, given the resources and technology available.