Multiple Choice
A recent advertisement in the financial section of a magazine carried the following claim: "Invest your money with us at 14 percent,compounded annually,and we guarantee to double your money sooner than you imagine." Ignoring taxes,how long would it take to double your money at a simple rate of 14 percent,compounded annually?
A) Approximately 3.5 years
B) Approximately 5 years
C) Exactly 7 years
D) Approximately 10 years
E) Exactly 14 years
Correct Answer:
Verified
Correct Answer:
Verified
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