Your Bank Pays 4% Interest Annually

question 146

Multiple Choice

Your bank pays 4% interest annually.You have $2,500 invested in the bank.How long will it take for your funds to double?

• A) 14.39
• B) 15.15
• C) 15.95
• D) 16.79
• E) 17.67

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Definitions:

Affidavit

A written statement confirmed by oath or affirmation, used as evidence in court.

Affirmative Defense

A defense in which the defendant introduces evidence, which, if found to be true, will negate a plaintiff's claim, even if the allegations are true.

Memorandum of Law

A detailed written statement prepared by legal counsel, arguing a specific legal issue or point, often submitted in support of motions or during trial preparations.

Brief

A written document submitted by counsel arguing a case, outlining the facts, legal issues, and arguments for consideration by the court.