How many years will it take for $35 to grow to $53.87 if it is invested at 9% compounded annually?
A) 6.0
B) 5.5
C) 5.0
D) 4.0

Name: How many years will it take for $35 to grow to $53.87 if it is invested at 9% compounded annually? A) 6.0 B) 5.5 C) 5.0 D) 4.0
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Quizplus · Accepted Answer

Using the formula for compound interest, $A = P(1 + r)^n$, where $A$ is the amount, $P$ is the principal, $r$ is the rate, and $n$ is the number of years, we solve for $n$: $53.87 = 35(1 + 0.09)^n$. Solving this equation gives $n \approx 5.0$.

How Many Years Will It Take for $35 to Grow