You Deposit $20,000 in an Account That Doubles in 7

question 29

Multiple Choice

You deposit $20,000 in an account that doubles in 7 years. How many years will it take the account to double again if it earns 14 percent per year?

• A)4.92 years
• B)5.29 years
• C)6.62 years
• D)8.22 years

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Definitions:

Empowerment

The process of giving individuals or groups the power and resources to make decisions, take actions, and be responsible for their outcomes.

Standardization

The process of implementing and developing technical standards to ensure products and services meet certain quality and safety criteria consistently.

Customer Complaints

Feedback from customers expressing dissatisfaction with a product or service, often seen as an opportunity for improvement by businesses.

Syndicated Data Services

Companies that collect and sell data, often gathered from multiple sources, to clients for market research and analysis.