Suppose the Annual Rate of Return Is 15 Percent

question 102

Multiple Choice

Suppose the annual rate of return is 15 percent.At this rate,when will Enrique reach the $500,000 mark?

• A)Age 45
• B)Age 58
• C)Age 65
• D)Age 70

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Definitions:

Journal

A book or electronic record where all financial transactions of a business are initially recorded, often before posting to ledgers.

Chronological Record

An organized account of events, transactions, or entries in the order they occurred over time.

Accounts Receivable

Payments yet to be received by a company from customers for goods or services already provided.

Notes Payable

Financial obligations represented by written promissory notes that specify the terms under which a borrower agrees to repay a lender.