How Long Will It Take $700 to Double Itself If

question 26

Multiple Choice

How long will it take $700 to double itself if it is invested at 13% interest compounded semiannually? Please round the answer to the nearest tenth.

• A)5.5 years
• B)8.5 years
• C)6.0 years
• D)4.5 years
• E)6.5 years