At What Rate Must $287

question 58

Multiple Choice

At what rate must $287.50 be compounded annually for it to grow to $650.01 in 14 years?

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

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Definitions:

Cost Of Software

The total expenses involved in the acquisition, development, upgrade, and maintenance of software, including licensing fees and operational costs.

Coding Software

Tools and applications designed to create, test, and maintain computer code and programs.

Copyright

A grant from a governmental authority that provides the creator of intellectual property with ownership of it for a specified period of time, currently the life of the creator plus 70 years.

Open System

Refers to a computing system that provides an environment which supports applications and services that are interoperable and can be easily integrated into other systems.