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Solve the Problem $2900\$ 2900 Investment to Double If It Is Invested At

Question 13

Multiple Choice

Solve the problem.
-Find out how long it takes a $2900\$ 2900 investment to double if it is invested at 7%7 \% compounded monthly. Round to the nearest tenth of a year. Use the formula A=P(1+rn) ntA = P \left( 1 + \frac { r } { n } \right) ^ { n t } .


A) 9.99.9 years
B) 10.110.1 years
C) 9.79.7 years
D) 10.310.3 years

Correct Answer:

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