At an Effective Annual Interest Rate of 20%,how Many Years

question 7

Multiple Choice

At an effective annual interest rate of 20%,how many years will it take a given amount to triple in value? (Round to the closest year.)

• A) 5
• B) 8
• C) 6
• D) 10
• E) 9

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Definitions:

Court Appoints

Refers to the action when a court designates an individual, such as a guardian, attorney, or public official, to perform a specific role within a legal process.

Court-appointed

Refers to individuals or entities, such as attorneys or guardians, designated by a judge or court to perform a certain role or represent someone in a legal matter.

Public Defender

A lawyer employed by the government to represent defendants who are unable to afford private counsel in criminal proceedings.

Criminal Defendant

An individual or entity charged with a criminal offense and facing prosecution.