If P Dollars Are Invested at the End of Each $$n = \frac { \log \left[ \frac { A r } { P } + 1 \right] } { \log ( 1 + r ) } .$$

question 16

Multiple Choice

If P dollars are invested at the end of each year in an annuity that earns interest at an annual rate r, the amount in the account will be A dollars after n years, where $$n = \frac { \log \left[ \frac { A r } { P } + 1 \right] } { \log ( 1 + r ) } .$$ If $\$ 7,000$ is invested each year in an annuity earning $6 \%$ annual interest, when will the account be worth $\$ 55,000 ?$

• A) \(\quad 15.3\) years
• B) \(\quad 6.6\) years
• C) \(\quad 3.2\) years
• D) \(\quad - 12.9\) years
• E) \(\quad 7.9\) years

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Definitions:

Psychological Perspectives

Various approaches within psychology that offer different explanations for human behavior and mental processes, including cognitive, behavioral, and psychodynamic perspectives.

Internal Processes

Psychological activities within an individual that affect their thoughts, feelings, and behaviors.

Day Treatment Centers

Mental health facilities that allow people to obtain treatment, along with occupational and rehabilitative therapies, during the day but to live at home at night.

Occupational Therapies

Therapies aimed at enabling people to participate in the activities of everyday life by improving their ability to perform tasks in their daily living and work environments.