After Winning $78,000 on a Game Show, Jasmine Invests the Money

question 71

Multiple Choice

After winning $78,000 on a game show, Jasmine invests the money in a fixed-rate account offering
6.7% interest compounded semiannually. How long will it take that amount to grow to $100,000?

• A)1.92 years
• B)3.77 years
• C)7.54 years
• D)3.83 years

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Definitions:

Financial Reports

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements, among others.

Decision Making

Process of recognizing a problem or opportunity, evaluating alternative solutions, selecting and implementing an alternative, and assessing the results.

Accountant

A professional who performs accounting functions such as audits or financial statement analysis.

Not-for-profit Accountant

A finance professional specializing in managing the finances of organizations that do not seek to make a profit.