Compute the Compound Interest

question 90

Multiple Choice

Compute the compound interest.
-$5000 is invested at 9% compounded quarterly. In how many years will the account have grown to $10,500? Round to the nearest tenth of a year.

• A) 8.3 yr
• B) 8.6 yr
• C) 1.1 yr
• D) 12.1 yr

---

Definitions:

Markdowns

Reductions from the original or retail price of goods, usually to stimulate sales or clear out inventory.

Retail Pricing Strategy

Approaches and tactics a retailer uses to set the prices of its products or services to maximize profitability.

Inventory

The total amount of goods and materials held in stock by a business, warehouse, or store.

Wedding Dresses

Specialized attire worn by brides during wedding ceremonies, varying widely in style, color, and design according to cultural and personal preferences.