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:

Eurodollar Deposits

U.S. dollars deposited in banks outside the United States, often used in international transactions.