You invest $2,000 in a mutual fund paying 9% interest. It takes about 7 years for your initial investment of $2,000 to double to $4,000. How long would it take your $4,000 to then double to $8,000? Choose the best answer. Year Beginning Interest End 180.00 $ 2,180.00 196.20 $ 2,376.20 213.86 $ 2,590.06 2,000.00 $ 1. 2,180.00 $ APR 9% 2. 2,376.20 $ 3 2,590.06 $ 233.11 $ 2,823.16 4 2,823.16 $ 254.08 $ 3,077.25 3,077.25 $ 276.95 $ 3,354.20 3,354.20 $ 301.88 $ 3,656.08 3,656.08 $ 329.05 $ 3,985.13 3,985.13 $ 358.66 $ 4,343.79 4,343.79 $ 390.94 $ 4,734.73 About 14 years About 7 years About 21 years About 10 years

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
You invest $2,000 in a mutual fund paying 9% interest. It takes about 7 years for your initial
investment of $2,000 to double to $4,000. How long would it take your $4,000 to then double to
$8,000?
Choose the best answer.
Year
Beginning
Interest
End
180.00 $ 2,180.00
196.20 $ 2,376.20
213.86 $ 2,590.06
2,000.00 $
1.
2,180.00 $
APR
9%
2.
2,376.20 $
3
2,590.06 $
233.11 $ 2,823.16
4
2,823.16 $
254.08 $ 3,077.25
3,077.25 $
276.95 $ 3,354.20
3,354.20 $
301.88 $ 3,656.08
3,656.08 $
329.05 $ 3,985.13
3,985.13 $
358.66 $ 4,343.79
4,343.79 $
390.94 $ 4,734.73
About 14 years
About 7 years
About 21 years
About 10 years
Transcribed Image Text:You invest $2,000 in a mutual fund paying 9% interest. It takes about 7 years for your initial investment of $2,000 to double to $4,000. How long would it take your $4,000 to then double to $8,000? Choose the best answer. Year Beginning Interest End 180.00 $ 2,180.00 196.20 $ 2,376.20 213.86 $ 2,590.06 2,000.00 $ 1. 2,180.00 $ APR 9% 2. 2,376.20 $ 3 2,590.06 $ 233.11 $ 2,823.16 4 2,823.16 $ 254.08 $ 3,077.25 3,077.25 $ 276.95 $ 3,354.20 3,354.20 $ 301.88 $ 3,656.08 3,656.08 $ 329.05 $ 3,985.13 3,985.13 $ 358.66 $ 4,343.79 4,343.79 $ 390.94 $ 4,734.73 About 14 years About 7 years About 21 years About 10 years
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