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

question 297

Multiple Choice

When he was 18,Gerald put $100 into an account at an interest rate of 8 percent.He now has $171.38 in this account.For 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:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market equilibrium.

Equilibrium Quantity

The amount of products or services available matches precisely the amount desired by consumers at the current market rate.

Tax

Mandatory financial charge or another type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Competitive Market

A market structure characterized by a large number of buyers and sellers, freedom of entry and exit, and a product that is homogeneous across suppliers, where no single buyer or seller can influence the market price.