Solve. -There Are Currently 51 Million Cars in a Certain Country

question 103

Multiple Choice

Solve.
-There are currently 51 million cars in a certain country, increasing exponentially by 4.4% annually. How many years will it take for this country to have 60 million cars? Round to the nearest year.

• A) 3 yr
• B) 4 yr
• C) 2 yr
• D) 50 yr

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Definitions:

Noncontrolling Interest

refers to the portion of equity in a subsidiary not held by the parent company, often reflected as a separate component of equity in the consolidated financial statements.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the ownership interest of shareholders.

Foreign Currency Transaction

A transaction that involves the exchange of currencies or the undertaking of financial obligations denominated in a currency other than the entity’s functional currency, requiring conversion and possibly leading to foreign exchange gains or losses.

Spot Rate

The current market price of a financial instrument or commodity available for immediate purchase and delivery.