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At 8% compounded annually, how long will it take $750 to double? Group of answer choices 6
At 8% compounded annually, how long will it take $750 to double? Group of answer choices 6.5 years 9 years 8 years 48 months 12 years
Expert Solution
Future Value = Present Value (1 + r)^n
1,500 = 750(1.08)^n
Using log,
n = log(2)/log(1.08)
n = 9 years
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