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Solve the Problem A=P(1+rn)ntA = P \left( 1 + \frac { r } { n } \right) ^ { n t }

Question 173

Multiple Choice

Solve the problem.
-Find out how long it takes a $3300 investment to double if it is invested at 9% 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) 7.9 yr
B) 7.5 yr
C) 7.7 yr
D) 8.1 yr

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