Multiple Choice
How long will it take an investment of $1,000 to double if the investment earns interest at the rate of 8% / year compounded monthly? Round your answer to one decimal place.
A) 8.9 year(s)
B) 8.6 year(s)
C) 8.4 year(s)
D) 8.7 year(s)
Correct Answer:
Verified
Correct Answer:
Verified
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