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Use the Compound Interest Formula to Determine How Long

Question 92

Multiple Choice

Use the compound interest formula Use the compound interest formula to determine how long it would take $2150 to grow to $6050 if the annual rate is 5% and interest is compounded monthly. Round your answer to the nearest tenth. A) 20.3 years B) 20.5 years C) 20.7 years D) 20.9 years to determine how long it would take $2150 to grow to $6050 if the annual rate is 5% and interest is compounded monthly. Round your answer to the nearest tenth.


A) 20.3 years
B) 20.5 years
C) 20.7 years
D) 20.9 years

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