If It Takes Jake 3

question 44

Multiple Choice

If it takes Jake 3.1 minutes to read a page in a novel, how many hours will it take him to read a 432-page novel, assuming he doesn't take any breaks?

• A)1.3 × 10³ hours
• B)7.2 hours
• C)22 hours
• D)1.4 × 10² hours

---

Definitions:

Nominal Rate

The stated interest rate of a bond or loan, not adjusted for inflation.

Compounded Annually

A method in which interest is calculated once per year and added to the total sum, affecting the principal for the next period.

Promissory Note

A promissory note is a financial instrument that contains a written promise by one party to pay another party a determinate sum of money either on demand or at a specified future date.

Compounded Semi-Annually

The method of calculating interest on a principal where the interest is computed twice a year and each interest payment is added to the principal for future calculations.