Approximately how long will it take Arnold's savings to grow into $2,000?
Arnold learned something very valuable as a teenager from his dad. He was told to invest $1,000 at 12% interest at age 20 and leave it alone until age 65. Arnold's dad knew that one strategy that wealthy people use is to exercise self-discipline to never touch this long-term plan. Arnold is very happy he applied his dad's advice.
A) 60 months
B) 5 years
C) 8.5 years
D) 6 years
Answer: D
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