How Long Will It Take $4,000 to Grow to $7,500

question 47

Short Answer

How long will it take $4,000 to grow to $7,500 if the investment earns interest at the rate of 15% / year compounded monthly? Round your answer to the nearest tenth.
__________ year(s)

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Definitions:

Average Fixed Costs

The fixed costs of production (expenses that do not change with the level of output) divided by the quantity of output produced.

Total Fixed Costs

The sum of all costs that do not change with the level of output produced by a business, such as rent, salaries, and insurance.

The Barber Shop

This term commonly refers to a place where men can get their hair cut and sometimes other grooming services, serving as a social hub in many communities.

Fixed Input

A resource used in production that cannot be changed in the short term, such as buildings and machinery.