At What Annual Rate Would $500 Grow to $1,948 in 12

question 49

Essay

At what annual rate would $500 grow to $1,948 in 12 years? (Note-Solve as a Present Value problem.)
(a)12.0 percent
(b)13.0 percent
(c)12.5 percent
(d)11.0 percent

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Definitions:

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Y Chromosome

One of the two sex chromosomes of mammals and some other organisms; the Y chromosome determines male gender in humans; normal females are XX, normal males are XY. Compare with X chromosome.

Cystic Fibrosis

A hereditary disorder affecting the exocrine glands, causing the production of abnormally thick mucus, leading to blockage of the pancreatic ducts, intestines, and bronchi and resulting in respiratory and digestive problems.

Heterozygous

A genetic condition where an individual has two different alleles at a particular gene locus, one from each parent.