You Decide to $10,000 in a Bank Account

question 96

Multiple Choice

You decide to $10,000 in a bank account.If the value of your savings grows to $10,200 in one year's time,what is the interest rate on your savings?

• A)5%
• B)4%
• C)3%
• D)2%
• E)1%

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Definitions:

Break-Even

The point at which total costs and total revenues are equal, resulting in no net loss or gain.

Variable Costs

Costs that change in proportion to the level of goods or services produced by a business.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues.

Variable Production Cost

Costs that fluctuate with the production volume, including variable manufacturing overhead, direct materials, and direct labor.