How Long Will It Take for $400 to Double If

question 219

Short Answer

How long will it take for $400 to double if it is invested at 5% annual interest compounded 12 times a year? Round your answer to one decimal place. __________ years

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Definitions:

Serial Position Effect

A phenomenon in memory which suggests that when learning a list of items, the probability of recalling an item is dependent on its position in the list, with early and late items being more likely to be remembered than middle items.

Primacy Effect

The tendency to remember information that is presented first or early in a list more effectively than information presented later.

Recency Effect

The psychological phenomenon where the most recently presented information is remembered better than earlier information.

Sequence Order Effect

The phenomenon where the order in which items are presented affects the recall or understanding of those items.