Solving for Time How Long Will It Take $100 to Reach

question 151

Multiple Choice

Solving for Time How long will it take $100 to reach $500 when it grows at 10 percent per year?

• A)7.20 years
• B)16.89 years
• C)17.46 years
• D)40.00 years

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Definitions:

Incorporate

The process of legally declaring a corporate entity to be separate from its owners, providing protections such as limited liability.

Tax

A financial charge or other levy imposed by a government on individuals or entities to fund government spending and various public expenditures.

Individual State Laws

Laws that are enacted by each state or territory within a federation, reflecting the unique needs and preferences of its population.

Model Corporation Acts

A set of statutes designed to serve as a template for states in drafting their corporate laws.