An investment of $7,500 at 8% compounded monthly is now worth $13,280. How long ago was the investment made?
A) 12 years, 9 months
B) 11 years, 2 months
C) 9 years, 9 months
D) 8 years, 6 months
E) 7 years, 2 months

Question

Quizplus · Accepted Answer

The Answer of An investment of $7,500 at 8% compounded monthly is now worth $13,280. How long ago was the investment made?
A) 12 years, 9 months
B) 11 years, 2 months
C) 9 years, 9 months
D) 8 years, 6 months
E) 7 years, 2 months

An Investment of $7,500 at 8% Compounded Monthly Is Now