Approximately how long will it take Enrique's investment to grow into $2,000?
As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique's dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad's advice.
A) Seventy-two months
B) Six years
C) Nine years
D) Twelve years
Answer: C
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