Solved

Complete the Table for a Savings Account in Which Interest

Question 41

Multiple Choice

Complete the table for a savings account in which interest is compounded continuously.  Initial investment  Annual % rate  Time to double  Amount after 10  years $50005.5%\begin{array} { | c | c | c | c | } \hline \text { Initial investment } & \text { Annual \% rate } & \text { Time to double } & \begin{array} { c } \text { Amount after 10 } \\\text { years }\end{array} \\\hline \$ 5000 & 5.5 \% & \cdots & \cdots \\\hline\end{array}
(Round the answer up to two decimal places. )


A) Time to double: 13yr13 yr Amount after 10 years: $9166.27\$ 9166.27
B) Time to double: 13yr13 yr Amount after 10 years: $9666.27\$ 9666.27
C) Time to double: 18yr18 yr Amount after 10 years: $8666.27\$ 8666.27
D) Time to double: 8yr8 y r Amount after 10 years: $8666.27\$ 8666.27
E) Time to double: 13yr13 yr Amount after 10 years: $8666.27\$ 8666.27

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions