How Many Years (And Months) Will It Take $4 Million

question 32

Multiple Choice

How many years (and months) will it take $4 million to grow to $7 million with an annual interest rate of 12 percent?

• A) 4 years and 1.92 months
• B) 4 years and 11.28 months
• C) 5 years and 6.54 months
• D) 5 years and 10.86 months

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Definitions:

Gratuitous Bailment

A bailment where the bailee agrees to hold onto the bailor's property without expecting any form of payment.

Exercise Control

The act of directing, managing, or commanding something or someone effectively.

Duty

In a negligence action, an obligation to live up to a reasonable standard.

Gratuitous Bailment

A legal relationship where personal property is voluntarily transferred from one party to another without expectation of payment or benefit.