If $1 Million Is Invested at 6% Per Year,in Approximately

question 43

Multiple Choice

If $1 million is invested at 6% per year,in approximately how many years will the investment double?

• A)10.1
• B)11.9
• C)12.9
• D)15
• E)8.7

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Definitions:

Elastic Demand

Elastic demand indicates that the quantity demanded of a good or service significantly changes in response to a change in price.

Necessity

Essential goods or services required for basic living and welfare of individuals.

Luxury

High-quality goods or services that are not essential but are highly desired and associated with wealth or indulgence.

Substitutes

Goods or services that can be used in place of each other to satisfy consumer needs or desires.