You Just Won $17,500 and Deposited Your Winnings into an Account

question 58

Multiple Choice

You just won $17,500 and deposited your winnings into an account that pays 6.7 percent interest, compounded annually.How long will you have to wait until your winnings are worth $50,000?

• A)15.1 years
• B)15.31 years
• C)15.52 years
• D)15.73 years
• E)16.19 years

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Definitions:

Comparative Advantage

A situation where a country, individual, or company can produce a good or service at a lower opportunity cost than others.

Specialization

The process by which individuals, businesses, or countries focus on producing a limited range of goods or services to gain greater degrees of productive efficiency within an overall system.

Austria

A landlocked country in Central Europe, known for its mountainous terrain, historic cities, and rich cultural heritage.

Italy

A country located in southern Europe, known for its rich history, art, architecture, fashion, and cuisine, forming a boot-shaped peninsula into the Mediterranean Sea.