Solving for Time How Long Will It Take $4,000 to Reach

question 73

Multiple Choice

Solving for Time How long will it take $4,000 to reach $4,500 when it grows at 8 percent per year?

• A)1.12 years
• B)1.48 years
• C)1.53 years
• D)9.00 years

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Definitions:

Financial Consultants

Professionals who offer expert advice on financial planning, investments, retirement, and wealth management to individuals and businesses.

Balanced Portfolio

An investment strategy that combines a mix of assets, such as stocks and bonds, to mitigate risk while aiming for a moderate level of return.

Balanced Coin

A coin that has equal probabilities of landing on heads or tails when flipped.

Financial Consultants

Professionals who offer expert advice on money management, investments, and financial planning.