Jennifer Invests $5100 in a Saving Certificate with an Interest

question 56

Multiple Choice

Jennifer invests $5100 in a saving certificate with an interest rate of 4.25% per year compounded monthly. How long will it take for her investment to grow to $13000? Round to the nearest tenth.

• A) 1.9 years
• B) 4.3 years
• C) 215.6 years
• D) 22.1 years
• E) 211.5 years

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Definitions:

Reversibility

The cognitive ability to recognize that numbers or objects can be changed and then returned back to their original condition.

Nonstage Theory

A theory suggesting that development or cognition does not progress through fixed stages, but rather continuously.

Heuristics

Simple, efficient rules, learned or hard-wired by evolutionary processes, that help in making decisions, forming judgments, or solving problems.

Structural

Pertaining to the physical or logical arrangement of a system's parts.