If I Invest $20,000 at 2

question 7

Multiple Choice

If I invest $20,000 at 2.5% today,how long will it take to reach a minimum of $50,000 compounded semi-annually?

• A)5 years.
• B)19 years.
• C)9 and ½ years.
• D)17 years.

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Definitions:

Payees

Individuals or entities to whom money is paid or is to be paid.

Signature Requirement

The legal or regulatory mandate that a document must be signed by one or more parties to validate or acknowledge it.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize laws across states and simplify transactions.

Agent

A person authorized to act on behalf of another person, typically in a business or legal matter.