How Long Will It Take $50 000 Placed in a Term

question 43

Multiple Choice

How long will it take $50 000 placed in a term deposit at 8% interest to double?

• A)9.55 years
• B)9.59 years
• C)10.90 years
• D)9.01 years

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Definitions:

Cognitive-Developmental Theory

The stage theory that holds that the child’s abilities to mentally represent the world and solve problems unfold as a result of the interaction of experience and the maturation of neurological structures.

Environments

The surroundings or conditions in which a person, animal, or plant lives and operates, including natural, social, and built aspects.

Age of Reason

A developmental stage typically around the age of 7 when children start to use logic and recognize the difference between right and wrong.

Social Cognitive Theory

A cognitively oriented learning theory that emphasizes observational learning.