At 14% compounded annually, an investment of $50,000 will grow to $1,000,000 in 22.86 years. How much longer will it take at 11% compounded annually?
A) 8.33 years
B) 3.45 years
C) 5.84 years
D) 13.78 years
E) 28.71 years

Question

Quizplus · Accepted Answer

At 11% compounded annually, the investment will take approximately 51.57 years to grow to $1,000,000. Subtracting the 22.86 years it takes at 14%, it will take an additional 28.71 years.

At 14% Compounded Annually, an Investment of $50,000 Will Grow