A principal of $15000 is invested at 8% interest compounded annually. After how many years will the investment first-exceed $50000? Select one: O а. 2 years оь. 15 years ос. 16 years O d. None of the above
A principal of $15000 is invested at 8% interest compounded annually. After how many years will the investment first-exceed $50000? Select one: O а. 2 years оь. 15 years ос. 16 years O d. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![A principal of $15000 is invested at 8% interest compounded annually.
After how many years will the investment first-exceed $50000?
Select one:
O a. 2 years
О. 15 yearS
Ос. 16 years
O d. None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc2f57d5-07e0-4975-9057-09935b046865%2F11fce61d-601a-4488-86c3-51c6c09dca7c%2F931q3k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A principal of $15000 is invested at 8% interest compounded annually.
After how many years will the investment first-exceed $50000?
Select one:
O a. 2 years
О. 15 yearS
Ос. 16 years
O d. None of the above
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