When He Was 18,Gerald Put $100 into an Account at an Interest

question 154

Multiple Choice

When he was 18,Gerald put $100 into an account at an interest rate of 8 percent.He now has about $171.38 in this account.How many years did Gerald leave this money in his account?

• A)5 years
• B)6 years
• C)7 years
• D)8 years

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Definitions:

Supplies Account

An account used in accounting to track the amount spent on supplies that are used in the business operations.

Accounting System

A systematic process of collecting, recording, classifying, summarizing, and interpreting financial transactions of a business.

Purchases Journal

The purchases journal is an accounting record used to document all purchases of merchandise on credit, tracking the total amount owed to suppliers.

Cash Receipts Journal

A specialized accounting journal used to record all cash inflows or cash received by an organization.