Lucretia Puts $400 into an Account When the Interest Rate

question 89

Multiple Choice

Lucretia puts $400 into an account when the interest rate is 10 percent.Later she checks her balance and finds it's worth about $708.62.How many years did she wait to check her balance?

• A)5 years
• B)6 years
• C)7 years
• D)8 years

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Definitions:

Errors

Mistakes or inaccuracies made in the recording, classification, or interpretation of financial data.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments have been made, used to prepare financial statements.

End-Of-Period Spreadsheet

A worksheet used in accounting to compile all balances from ledgers to draft trial balances, adjustments, and financial statements.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.