You Deposit $1,000 in a Long-Term Certificate of Deposit with an Fixed

question 114

Multiple Choice

You deposit $1,000 in a long-term certificate of deposit with an fixed interest rate of 9%.How many years will it take for you to triple your deposit? Pick the closest
Answer.

• A)11 years
• B)12 years
• C)13 years
• D)14 years

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Definitions:

Exchange

The act of trading goods, services, currencies, or other commodities between parties.

Self-interest

The pursuit of personal advantages and well-being, often guiding individual economic decisions.

Division of Labor

A method that breaks down the production of a product into a series of specific tasks, each performed by a different worker.

Specialization

The concentration of the productive efforts of individuals or organizations on a limited number of activities, leading to increased efficiency and productivity.