How Long Did It Take for $1635 to Increase to $2310

question 27

Multiple Choice

How long did it take for $1635 to increase to $2310 if the investment earned interest at a rate of 8.08% compounded quarterly (give your final answer in years and months, e.g., 3 years and 7.23 months) ?

• A) 7 years 7.69 months
• B) 4 years .64 months
• C) 3 years 4.79 months
• D) 4 years 3.84 months
• E) 8 years 1.69 months

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Definitions:

Maturity Date

The specified date on a financial instrument at which the principal (or nominal) amount is due to be paid back in full.

Note Receivable

A note receivable is a written promise to receive a specific amount of money, plus interest if applicable, at a future date, serving as an asset on the balance sheet.

Maturity Date

The specified date on which the final payment of a loan, bond, or other financial instrument is due to be paid.

Note Receivable

A written promise that a customer will pay a fixed amount of money with interest by a certain date.