Some Time Ago, Richard Purchased fiVe Acres of Land Costing

question 116

Multiple Choice

Some time ago, Richard purchased five acres of land costing $123,400. Today, that land is valued at $189,700. How long has he owned this land if the price of land has been increasing at 5.5% per
Year?

• A) 6.01 years
• B) 6.98 years
• C) 7.42 years
• D) 8.03 years
• E) 8.67 years

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Definitions:

Learning Process

The acquisition of knowledge, skills, behaviors, or preferences, often as a result of study, experience, or teaching, which involves changes in the brain.

Cathexis

The idea that the ability of deprivation states to motivate behavior transfers to the stimuli present during the deprivation state.

Tolman

An American psychologist known for his work on latent learning and cognitive maps in rats and humans.

Reward Value

The attractiveness or worth of a reward, influencing an organism's willingness to work for it.