How old are you if the investment is now worth

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Reference no: EM131298189

1. Your grandmother invested $1,700 for you on the day you were born. This investment has earned an average of 13.2 percent annually. How old are you if the investment is now worth $15,642?

a. 16.29 years

b. 17.90 years

c. 16.86 years

d. 16.07 years

2. You just inherited $8,600 which you are investing at 7 percent interest. How long will you have to wait until your account reaches a value of $15,000?

a. 9.06 years

b. 8.22 years

c. 7.68 years

d. 9.27 years

Reference no: EM131298189

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