You Just Won $50,000 and Deposited Your Winnings into an Account

question 8

Multiple Choice

You just won $50,000 and deposited your winnings into an account that pays 5.5 percent interest,compounded annually.How long will you have to wait until your winnings are worth $100,000?

• A)11.24 years
• B)12.00 years
• C)12.29 years
• D)12.67 years
• E)12.95 years

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Definitions:

Explosion

A sudden and violent release of energy that results in a rapid increase in volume and release of gases, often accompanied by heat, light, and sound.

Energy

The quantitative property that must be transferred to an object in order to perform work on, or to heat, the object.

PETN

Pentaerythritol tetranitrate, a high explosive compound used in a variety of military, industrial, and mining applications.

Pentaerythritol Tetranitrate

An explosive compound better known as PETN, used both in military and industrial applications, with a formula of C5H8N4O12.