Posted: September 22nd, 2016
How long must one wait (to the nearest year) for an initial investment of $1,000 to equal $4,500 in value if the investment earns 12% compounded annually?
How long must one wait (to the nearest year) for an initial investment of $1,000 to equal $4,500 in value if the investment earns 12% compounded annually?
a) 4 years
b) 6 years
c) 9 years
d) 13 years
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