Tom Nelson Invested $9,000 into an Account Yielding 6

question 105

Multiple Choice

Tom Nelson invested $9,000 into an account yielding 6%. How long must he leave the money in the account to obtain $12,060.90?

• A)2 years
• B)3 years
• C)4 years
• D)5 years

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Definitions:

Expected Value

The long-term average or mean of a random variable, representing the anticipated outcome of an experiment conducted many times.

Shopping Outlet

A retail store or a collection of stores where goods are offered for sale to the public, often characterized by type of merchandise or discount pricing.

Gym Visits

The number of times an individual attends a gym or fitness center within a given timeframe.

Probability Distribution

A mathematical function that defines the probabilities of all possible outcomes for a random variable.