If $1,000 Is Invested in an Account with 9% Interest

question 1

Multiple Choice

If $1,000 is invested in an account with 9% interest compounding yearly, approximately how many years will it take for the amount to double? Please refer to the following Future Value table:

• A)Slightly more than 8 years
• B)Exactly 9 years
• C)5 years
• D)Slightly less than 7 years

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Definitions:

Clinical Psychology

A branch of psychology focused on diagnosing and treating mental illness, emotional disturbance, and dysfunctional behavior.

Minimal Risk

A situation where the probability and magnitude of harm or discomfort anticipated in the research are not greater than those ordinarily encountered in daily life or during routine physical or psychological examinations.

Manageable Risk

A risk that can be controlled or dealt with effectively, often through mitigation strategies.

Moderate Risk

A level of risk which is considered to be acceptable but not insignificant, often requiring careful management and consideration.