Ten Years Ago,Jackson Supply Set Aside $130,000 in Case of a Financial

question 11

Multiple Choice

Ten years ago,Jackson Supply set aside $130,000 in case of a financial emergency.Today,that account has increased in value to $330,592.What rate of interest is the firm earning on this money?

• A)8.80 percent
• B)9.78 percent
• C)10.75 percent
• D)11.28 percent
• E)11.53 percent

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Definitions:

Reaction

A process resulting in the transformation of chemical substances into others through the breaking and formation of chemical bonds.

Organic Product

Chemical compounds produced by living organisms, typically characterized by their carbon-based structure.

Hydrophobic

Characteristic of molecules or parts of molecules that repel water or do not mix with water.

1-butanol

An organic compound, part of the alcohol family, with the formula C4H9OH, characterized by a four-carbon chain.