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Solve the Problem $12,000\$ 12,000 For $6000\$ 6000 If the Bond Pays

Question 94

Multiple Choice

Solve the problem.
-Anne purchased a bond for a museum valued at $12,000\$ 12,000 for $6000\$ 6000 . If the bond pays 6%6 \% annual interest compounded monthly, how long must she hold it until it reaches its full face value?


A) 10.58 years
B) 13.58 years
C) 11.58 years
D) 9.58 years

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