At 8% Compounded Annually, How Long Will It Take $750

question 13

Multiple Choice

At 8% compounded annually, how long will it take $750 to double?

• A) 6.5 years
• B) 48 months
• C) 9 years
• D) 12 years

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Definitions:

Algorithms

Step-by-step problem-solving procedures or formulas that guarantee a solution to a problem if correctly applied.

Primary Mental Abilities

According to Thurstone, the basic abilities that make up intelligence examples include word fluency and numerical ability.

Louis Thurstone

An influential American psychologist known for his contributions to psychometrics, including factor analysis and the development of psychological scales.

Anchoring

A cognitive bias where an individual relies too heavily on an initial piece of information (anchor) when making decisions.