Approximately How Long Will It Take for an Investment to Double

question 26

Multiple Choice

Approximately how long will it take for an investment to double in value if the interest rate is 10.5%?

• A)6.86 years.
• B)5.86 years
• C)5.36 years
• D)7.36 years.
• E)2.36 years.

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Definitions:

Written Contract

A written contract is an agreement between parties that is recorded in a document form, providing clear terms and conditions that are legally enforceable.

First-Grade Steel

First-grade steel is a classification of steel indicating premium quality, meeting the highest standards of strength, durability, and purity.

Bonafide Purchase

The acquisition of goods or property in good faith without knowledge of any defects or claims against it.

Forged Cheque

refers to a check that has been illegally altered or signed without the account holder’s authorization, often with fraudulent intent.