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

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Definitions:

Colonialism

The strategy or method of gaining complete or partial political power over a different nation, settling it with inhabitants, and utilizing it for economic gain.

Nineteenth Century

The period ranging from January 1, 1801, to December 31, 1900, marked by significant social, economic, and technological changes worldwide.

Internal Colonialism

The economic and political subjugation of the minority group within a country by the dominant group, leading to social inequalities.

Segregated School System

An education system where schools are divided based on racial, ethnic, or economic lines, leading to unequal opportunities and resources.