How many years will it take for $500 to grow to $1,039.50 if it is invested at 5% compounded annually?
A) 15
B) 14
C) 13
D) 12
Answer: A
Explanation: A) $1,039.50/$500 = 2.079; FVIF 2.079, i = 5%, n = 15
Business
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