How Many Years Will It Take for $500 to Grow

question 10

Multiple Choice

How many years will it take for $500 to grow to $1,039.50 if it is invested at 5% compounded annually?

• A) 15
• B) 14
• C) 13
• D) 12

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Definitions:

Draft-Pick Trade

A transaction in sports leagues where teams exchange their draft positions or selections among each other, often involving future draft picks or current players to balance the value.

Market Wage

The prevailing pay rate for a specific job in the labor market.

Labor Supply

The total hours that workers in an economy are willing to work at a given wage rate.

Maximize Profits

The process or goal of achieving the highest possible profit margin through the efficient use of resources, pricing strategies, and cost management.