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:

Bounce

The return of a paper check or electronic funds transfer due to insufficient funds in the account it was drawn on.

Liable

Being legally responsible or answerable for an act or a circumstance, often involving damage or injury.

Uncertified Check

An uncertified check is a personal or business check that has not been verified or guaranteed by the bank upon which it is drawn, as opposed to a certified check.

Good Faith

A principle that denotes honesty or sincerity of intention in the fulfillment of one's duties and agreements.