George Puts $200 into an Account When the Interest Rate

question 355

Multiple Choice

George puts $200 into an account when the interest rate is 8 percent. Later he checks his balance and finds that he has a balance of about $272.10. How many years did he wait to check his balance?

• A)3 years
• B)3.5 years
• C)4 years
• D)4.5 years

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Definitions:

Operating Expenses

Costs associated with running a business's core operations on a daily basis, excluding costs of goods sold.

Merchandising Companies

Companies that purchase goods in a finished condition and sell them without further processing, making profit through the buying and selling of merchandise.

Service Companies

Businesses that provide intangible products or services to customers, as opposed to selling physical goods.

Gross Profit

The difference between sales revenue and the cost of goods sold, indicating the financial health of a company's core business activities.