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Solve the Problem. -If $4,000 Is Invested at 7% Compounded Annually, How Long

Question 167

Multiple Choice

Solve the problem.
-If $4,000 is invested at 7% compounded annually, how long will it take for it to grow to $6,000, assuming no withdrawals are made? Compute answer to the next higher year if not exact. Solve the problem. -If $4,000 is invested at 7% compounded annually, how long will it take for it to grow to $6,000, assuming no withdrawals are made? Compute answer to the next higher year if not exact. A) 2 years B) 5 years C) 8 years D) 6 years


A) 2 years
B) 5 years
C) 8 years
D) 6 years

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