Solving for Time How Long Will It Take $4,000 to Reach

question 73

Multiple Choice

Solving for Time How long will it take $4,000 to reach $4,500 when it grows at 8 percent per year?

• A)1.12 years
• B)1.48 years
• C)1.53 years
• D)9.00 years

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Definitions:

Generations

Periods of time, usually considered to be about 30 years, that separate birth cohorts, leading to differing attitudes and values among groups.

Wage Gap

The difference in average earnings between different groups in the workforce, particularly seen in the disparity between men and women's earnings.

Rich And Poor

Terms that describe the economic status of individuals or groups, indicating a significant disparity in wealth and resources.

Intangible Benefits

Non-physical advantages that cannot be easily quantified, but significantly affect performance or satisfaction.