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

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Definitions:

Agreed Limit

An agreed limit refers to a predetermined maximum amount that an insurance company agrees to pay out for a specific claim or coverage.

Policy Decisions

Decisions made by an organization's leadership or governing body that set its policies, determining strategic direction and actions.

Marketable Securities

Financial instruments and assets that can easily be converted into cash quickly, with high liquidity and short maturities.

Spontaneous Financing

Financing that arises naturally during the course of business operations, such as trade credit, without the need for formal negotiation or arrangements.