You Have $100,000 in Your Account

question 86

Multiple Choice

You have $100,000 in your account. Assuming no additional deposits are made and your account earns 15 percent per year, how long will it take for the account to have a balance of $500,000?

• A) 10.28 years
• B) 11.09 years
• C) 11.52 years
• D) 12.64 years

---

Definitions:

Experimentation

Experimentation is the process of conducting tests or investigations to validate or refute a hypothesis or understand a phenomenon.

Probability Values

Quantitative measures that reflect the chance or likelihood of a particular event or outcome occurring.

Experiment

A scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact by manipulating variables under controlled conditions.

Outcomes

The possible results that may occur from a random experiment or occurrence.