Your Investment Account Pays 8

question 26

Multiple Choice

Your investment account pays 8.0%, compounded annually.If you invest $5,000 today, how many years will it take for your investment to grow to $9,140.20?

• A) 5.14
• B) 5.71
• C) 6.35
• D) 7.05
• E) 7.84

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Definitions:

Researchers

Individuals or professionals who conduct detailed study and systematic investigation into something with the aim of discovering or revising facts, theories, applications, etc.

Control

In an experiment, a standard against which the results of a test are compared; controls are kept constant to isolate the effect of the independent variable.

Descriptive Statistics

Statistical procedures that summarize, organize, and simplify data through numerical summaries, tables, and graphs.

Sample

A subset of a larger population selected for measurement, observation, or questioning to make inferences or predictions about the whole population.