How Many Years (And Months) Will It Take $1 Million

question 100

Multiple Choice

How many years (and months) will it take $1 million to grow to $3 million with an annual interest rate of 7.5 percent?

• A) 15 years and 2.29 months
• B) 17 years and 5.6 months
• C) 18 years and 3.8 months
• D) 19 years and 2.4 months

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Definitions:

Written Notice

A formal, documented communication required in many legal situations to officially inform a party of certain actions or intentions.

Oral Notice

Notification or communication of information conveyed through spoken words rather than written form.

Commercial Illegality

The state of being contrary to the laws governing commerce and business practices.

Commercial Impracticability

A doctrine in contracts law where a party may be relieved from performing under a contract, due to unforeseen and impractical hardships, not within the contemplation of the parties at the time of the contract’s formation.