Phil Has $2,000 and He Needs It to Grow to $4,000

question 79

Multiple Choice

Phil has $2,000 and he needs it to grow to $4,000 in 8 years.Assuming he adds no more money to this fund,what rate of return would he need to earn? Approximate the rate of interest to the nearest whole number.

• A) 6%
• B) 7%
• C) 8%
• D) 9%
• E) 10%

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Definitions:

Retrograde Amnesia

Inability to remember events that took place before the onset of amnesia.

Anterograde Amnesia

Inability to remember events subsequent to a disturbance of the brain such as head trauma, electroconvulsive shock, or neurodegenerative disease.

Memory Loss

The unusual forgetfulness of recalling past events, information, or experiences, which may be temporary or permanent, depending on the cause.

Korsakoff Syndrome

A chronic memory disorder caused by severe deficiency of thiamine (vitamin B1), often associated with alcoholism.