How Many Years Will It Take $100 to Grow to $1,000

question 63

Multiple Choice

How many years will it take $100 to grow to $1,000 with an annual interest rate of 8 percent?

• A) 9.00 years
• B) 10.00 years
• C) 29.92 years
• D) 33.35 years

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Definitions:

Sheep Rancher

An individual or business involved in the raising and breeding of sheep for wool, meat, and other products, contributing to the agricultural sector.

Profit-Maximizing

The strategy or point at which a business operates to generate the highest level of profit with the given resources and market conditions, often associated with the equilibrium where marginal cost equals marginal revenue.

Mutton

The meat from mature sheep, known for its strong flavor and used in various cuisines.

Partial Equilibrium

An economic analysis that considers only a part of the market or assumes that other markets remain unaffected.