Faisal Has $15 000 in His Savings Account and Can

question 65

Multiple Choice

Faisal has $15 000 in his savings account and can save an additional $5 000 per year. If interest rates are 12%, how long will it take his savings to grow to $50 000?

• A) years
• B)3 years
• C)5 years
• D) years

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Definitions:

Next of Kin

The closest living relative or relatives to someone, particularly important in legal contexts such as inheritance or emergency decisions.

Intestate

Having died without leaving a valid will. Compare testate.

Uniform Simultaneous Death Act

A legal guideline used to determine the distribution of property when two or more individuals die at the same time with no clear evidence of who died first.

Insurance Proceeds

The money that an insurance company pays out to a policyholder in the event of a covered loss or claim.