How Long Will It Take to Double Your Savings If

question 39

Multiple Choice

How long will it take to double your savings if you earn 6.4 percent interest, compounded annually?

• A)11.89 years
• B)12.02 years
• C)11.39 years
• D)11.17 years
• E)10.58 years

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Definitions:

Periodic Inventory System

A periodic inventory system is a method of inventory valuation in which physical inventory counts are performed at specific intervals to determine the cost of goods sold and ending inventory.

Ending Inventory

The total value of a company's inventory available at the end of an accounting period, instrumental in calculating the cost of goods sold.

Purchased Units

Units of goods or services acquired through purchase, often used to refer to inventory items bought for resale in business operations.