You just won $25,000 and deposited your winnings into an account that pays 6.2 percent interest, compounded annually. How long will you have to wait until your winnings are worth $50,000?
A) 11.52 years
B) 12.00 years
C) 12.29 years
D) 12.67 years
E) 12.90 years

Question

Quizplus · Accepted Answer

The correct answer is A because it takes 11.52 years for the winnings to reach $50,000.

You Just Won $25,000 and Deposited Your Winnings into an Account