What Annual Simple Interest Rate Would Be Needed for $55,000

question 87

Multiple Choice

What annual simple interest rate would be needed for $55,000 to grow to $60,000 over a term of 295 days?

• A) 12.34%
• B) 10.31%
• C) 11.25%
• D) 9.09%
• E) 8.33%

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Definitions:

Secure Attachment

A type of emotional bond characterized by trust and confidence, typically formed in early childhood with caregivers.

Anxious/Ambivalent

A type of attachment characterized by intense emotional responses and a preoccupation with obtaining closeness and reassurance from attachment figures.

Reiss's Wheel

A theory suggesting that love develops in a circular process involving four stages: rapport, self-revelation, mutual dependency, and personality need fulfillment.

Cultural Norms

Common standards and regulations directing the conduct of members within social communities.