A Deposit Placed in an Interest-Earning Account Earning 8% a Year

question 11

Multiple Choice

A deposit placed in an interest-earning account earning 8% a year will double in value in ___ years.

• A) 6
• B) 8
• C) 9
• D) 72
• E) It will never double in value

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Definitions:

Sugar Refining

The process of converting raw sugar into refined sugar, involving the removal of impurities and color to produce pure, white sugar for consumption.

Computer Manufacture

The process involving the assembly and production of computer hardware and components, often involving complex electronic and mechanical processes.

Overhead Applied

The portion of overhead costs allocated to specific jobs or production activities based on a predetermined rate.

Predetermined Rate

An estimated cost rate established before the start of a period and used to apply costs uniformly throughout the period.