How Long Will It Take for Quarterly Deposits of $425

question 83

Multiple Choice

How long will it take for quarterly deposits of $425 to accumulate to be $16440 at an interest rate of 8.48% compounded quarterly? (Final answer in years and months e.g., 7 years and 4.24 months)

• A) 7 years 1.64 months
• B) 7 years .136 months
• C) 7 years 6.14 months
• D) 28 years .55 months
• E) 28 years .64 months

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Definitions:

Theory

A set of principles on which the practice of an activity is based or an explanation of the principles of phenomena.

Confirmation Bias

A cognitive bias that involves favoring information that confirms previously existing beliefs or biases.

Principle Of Falsifiability

The criterion for demarcating scientific from non-scientific statements; a theory must be testable and potentially able to be proven false.

Denialism

The choice to reject information or evidence that conflicts with an individual's beliefs, often seen in contexts such as climate change denial.