How Long Does It Take for Your Money to Double

question 61

Multiple Choice

How long does it take for your money to double when invested at the rate of 3% (with annual compounding) ?

• A) Depends on how much money you start with.
• B) 26 years
• C) 23 years
• D) 25 years
• E) 24 years

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Definitions:

Albion W. Tourgée

A 19th-century American lawyer, judge, and author known for his efforts in civil rights, especially in advocating for African American rights during the Reconstruction era.

Fourteenth Amendment

An amendment to the US Constitution, granting citizenship to all persons born or naturalized in the United States, including former slaves, and guaranteeing all citizens equal protection of the laws.

Supreme Court

The highest judicial court in a country or state, in the United States, it is the ultimate arbiter of the constitutionality of laws.

Disenfranchise Blacks

Refers to the systematic denial of voting rights to Black people through various discriminatory practices.