Solving for Time How Long Will It Take $3,000 to Reach

question 15

Multiple Choice

Solving for Time How long will it take $3,000 to reach $5,000 when it grows at 7 percent per year?

• A)7.00 years
• B)7.55 years
• C)9.52 years
• D)10.29 years

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Definitions:

Optimistic

Having a positive outlook or expectation about future outcomes or the general situation.

Future Earnings

The projected income a person or company is expected to generate in the future.

Public Saving

The portion of the government's revenue that remains after accounting for government spending.

Private Saving

The portion of households' income that is not spent on consumption but saved for future use.