How many years (and months) will it take $1 million to grow to $3 million with an annual interest rate of 7.5 percent?
A) 15 years and 2.29 months
B) 17 years and 5.6 months
C) 18 years and 3.8 months
D) 19 years and 2.4 months

Question

Quizplus · Accepted Answer

The correct answer is A because it takes 15 years and 2.29 months for $1 million to grow to $3 million with an annual interest rate of 7.5 percent.

How Many Years (And Months) Will It Take $1 Million