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
Answer:D
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