You Want to Invest an Amount of Money Today and Receive

question 25

Multiple Choice

You want to invest an amount of money today and receive back twice that amount in the future.You expect to earn 6 percent interest.Approximately how long must you wait for your investment to double in value?

• A)6 years
• B)7 years
• C)8 years
• D)12 years
• E)14 years

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Definitions:

Illusory

Refers to something that is misleading or deceptive, creating a false perception or illusion.

Illusory

Describes something that appears to be real or possible, but is actually not feasible or based on illusion.

Promisee

The person to whom a promise is made in a contract, who stands to benefit from the fulfillment of the promise.

Bind

To legally obligate oneself or another party to a contract or agreement, making it enforceable by law.