How Long Does It Take for an Account Containing $5,500

question 74

Multiple Choice

How long does it take for an account containing $5,500 to be worth $13,600 if the money is invested at 12% compounded monthly? Round your answer to the one decimal place. ​

• A) 8.8 years
• B) 6.3 years
• C) 7.6 years
• D) 8.2 years
• E) 9.5 years

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Definitions:

Functions

Refers to the natural purposes or activities that an entity or organ performs or is intended to perform.

Energy

The capacity to do work, which can be physical or mental, and is essential for performing daily activities and maintaining health.

Healthy Diet

A diet that provides the body with essential nutrition: fluid, adequate essential amino acids from protein, essential fatty acids, vitamins, minerals, and adequate calories without excessive fat and sugar.

Fish

Aquatic animals that are a source of protein, omega-3 fatty acids, and other nutrients, contributing to a healthy diet.