Based on a Preliminary Report by a Geological Survey Team

question 17

Multiple Choice

Based on a preliminary report by a geological survey team, it is estimated that a newly discovered oil field can be expected to produce oil at the rate of ​ ​
Thousand barrels/year, t years after production begins. Find the amount of oil that the field can be expected to yield during the first 17 years of production, assuming that the projection holds true.
​

• A) 1,086 thousand barrels
• B) 1,093 thousand barrels
• C) 1,090 thousand barrels
• D) 1,098 thousand barrels

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Definitions:

Rescission

The act of canceling, voiding, or annulling a contract, returning the parties to their positions prior to the contract.

Usury

Charging an illegal rate of interest.

Lawful Maximum

The highest limit allowed by law, often referring to interest rates, fees, or other financial charges.

Interest Rate

An Interest Rate is the percentage charged on the total amount of borrowed money or paid on savings, over a specific period of time.