Solve the Problem. -If $4,000 Is Invested at 7% Compounded Annually, How Long

question 124

Multiple Choice

Solve the problem.
-If $4,000 is invested at 7% compounded annually, how long will it take for it to grow to $6,000, assuming no withdrawals are made? Compute answer to the next higher year if not exact.

• A) 6 years
• B) 5 years
• C) 2 years
• D) 8 years

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Definitions:

Thymosin

A hormone produced by the thymus gland that plays a role in the development and differentiation of T lymphocytes, crucial for the adaptive immune system.

Mineralcorticoids

A class of steroid hormones secreted by the adrenal glands that regulate sodium and potassium balance in the body.

Calcitonin

A hormone produced by the thyroid gland that lowers blood calcium levels by inhibiting bone resorption and promoting calcium uptake by bone tissue.

Mineralocorticoids

A class of corticosteroids that are involved in the regulation of electrolyte and water balance by the kidneys.