If Billy Pierce Invests $1,000 at the End of Each

question 101

Multiple Choice

If Billy Pierce invests $1,000 at the end of each year at 9% compounded annually, how many years will it take until his investment reaches above $10,000?
$\begin{array}{|r|r|r|r|r|r|r|}\hline\text { Future } \\\text { Value of an} \\\text { Annuity of }\\\$ 1\\\hline & 4 \% & 5 \% & 6 \% & 7 \% & 8 \% & 9 \% \\\hline 1 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 \\\hline 2 & 2.040 & 2.050 & 2.060 & 2.070 & 2.080 & 2.090 \\ \hline 3 & 3.122 & 3.153 & 3.184 & 3.215 & 3.246 & 3.278 \\\hline 4 & 4.246 & 4.310 & 4.379 & 4.440 & 4.506 & 4.573 \\\hline 5 & 5.416 & 5.526 & 5.637 & 5.751 & 5.867 & 5.985 \\\hline 6 & 6.631 & 6.802 & 6.976 & 7.153 & 7.336 & 7.523 \\\hline 7 & 7.898 & 8.142 & 8.394 & 8.654 & 8.929 & 9.200 \\\hline 8 & 9.214 & 9.549 & 9.897 & 10.26 & 10.64 & 11.03 \\\hline 9 & 10.58 & 11.03 & 11.49 & 11.98 & 12.49 & 13.02 \\\hline 10 & 12.01 & 12.58 & 13.18 & 13.82 & 14.49 & 15.19 \\\hline\end{array}$

• A) 5 years
• B) 6 years
• C) 7 years
• D) 8 years

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Definitions:

Prevalence

The proportion of a population found to have a certain condition, typically at a specific time.

Rooting Reflex

In an infant, the sucking elicited by stroking applied on or around the lips; the reflex aids breastfeeding.

Feeding

The act of supplying food for consumption to sustain life and promote growth.

Prenatal Development

The progression of maturation and evolution inside the uterus from the moment of conception until delivery.