At 8 Percent Interest,how Long Would It Take to Quadruple

question 48

Multiple Choice

At 8 percent interest,how long would it take to quadruple your money?

• A)16.55 years
• B)16.64 years
• C)17.09 years
• D)18.01 years
• E)18.56 years

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Definitions:

5-Year Loan

A type of loan that is scheduled to be repaid through payments over a period of five years.

Expected Inflation Rate

The anticipated rate at which the general level of prices for goods and services will rise over a period, affecting purchasing power.

Consumption Sector

A segment of the economy focused on the purchasing and use of goods and services by individuals and households.

Production Sector

The segment of the economy concerned with the production of goods and services, including agriculture, manufacturing, and construction.