You Have $50,000 in Your Account

question 144

Multiple Choice

You have $50,000 in your account. Assuming no additional deposits are made and your account earns 8 percent per year, how long will it take for the account to have a balance of $500,000?

• A) 28.83 years
• B) 29.92 years
• C) 50.00 years
• D) 90.00 years

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Definitions:

Future Research Needs

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Theory

A set of principles or explanations that accounts for a phenomenon, predicting or explaining its nature and relationship with other phenomena.

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The initial concept, theory, or question that drives the formulation and execution of a research project, often leading to the development of hypotheses and study design.

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