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Compute the Compound Interest $7000\$ 7000 Is Invested At 6%6 \% Compounded Quarterly

Question 46

Multiple Choice

Compute the compound interest.
- $7000\$ 7000 is invested at 6%6 \% compounded quarterly. In how many years will the account have grown to $12,000\$ 12,000 ? Round to the nearest tenth of a year.


A) 9.1yr9.1 \mathrm{yr}
B) 1.1yr1.1 \mathrm{yr}
C) 9.3yr9.3 \mathrm{yr}
D) 17.7yr17.7 \mathrm{yr}

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