If a Technician Deposits $1,000

question 8

Multiple Choice

If a technician deposits $1,000.00 in a bank at 7.45%, how many years must the technician wait for the amount to double? Use the Rule of 72 and round to the nearest hundredth.

• A) 7.24
• B) 8.23
• C) 9.66
• D) 11.44

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

Minimum Government

A principle advocating for minimal intervention by the government in the affairs of individuals and society, emphasizing freedom and limiting the scope of governmental power.

Peace and Security

Conditions where societies enjoy stability, safety from violence, conflict, and fear, allowing for the development and growth of individuals and communities.

Liberty

Being unburdened by authority-imposed constraints in society, affecting one’s life choices, actions, or political beliefs.