Your Bank Pays 4% Interest Annually

question 146

Multiple Choice

Your bank pays 4% interest annually.You have $2,500 invested in the bank.How long will it take for your funds to double?

• A) 14.39
• B) 15.15
• C) 15.95
• D) 16.79
• E) 17.67

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Definitions:

Diamond-Water Paradox

A question in economics that points out the contradiction between the high value of diamonds, which are non-essential, and the low value of water, which is essential for survival.

Marginal Utility

The extra pleasure or benefit derived from using one more unit of a product or service.

Essential Goods

Goods that are necessary for basic survival and well-being, such as food, water, and healthcare.

Digital Media

Content and applications that are created, stored, and distributed in digital formats, often via the internet, including videos, music, websites, and social media platforms.