How Long Will It Take $4,000 to Reach $4,500 When

question 16

Multiple Choice

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:

Technology

The application of scientific knowledge for practical purposes, especially in industry, which drives innovation, efficiency, and productivity improvements.

Supply

Supply is the total amount of a good or service available for purchase at any given price level in a given market.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Demand

How much of a service or product buyers intend and are financially able to acquire at various price intervals during a designated period.