How Long Will It Take $800 to Double Itself If

question 48

Multiple Choice

How long will it take $800 to double itself if it is invested at 5% interest compounded semiannually? Please round the answer to the nearest tenth.

• A) 14.0 years
• B) 17.0 years
• C) 14.5 years
• D) 13.0 years
• E) 15.0 years

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Definitions:

Unfair-Competition Argument

A contention in international trade that certain practices give companies or countries an unjust advantage, such as labor exploitation or environmental bypassing.

Comparative Advantage

An economic theory that describes how countries gain from trade by specializing in goods they can produce more efficiently than others.

American Automobile Industry

A sector of the economy focused on the manufacturing, marketing, and sale of motor vehicles in the United States.

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The sector involving the production and manufacturing of steel within South Korea, known for its significant contribution to the global market.