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:

Bond Employees

A bond for employees, often called fidelity bond, is an insurance policy that protects the employer against financial loss due to the fraudulent activities of an employee or group of employees.

Internal Control System

A set of policies and procedures put in place by a company to safeguard assets, ensure financial data accuracy, and promote operational efficiency.

Risk of Loss

The potential for an investment or venture to result in financial loss.

Human Error

Mistakes made by individuals, often leading to accidents or failures in tasks or operations.