If You Deposit $1,000 into a Savings Account That Pays

question 128

Multiple Choice

If you deposit $1,000 into a savings account that pays you 5% interest per year,approximately how long will it take to double your money?

• A)8 years
• B)10 years
• C)12 years
• D)14 years

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Definitions:

Publisher Type Score

A scoring system or scale provided by the publisher of a test or assessment tool, often used to interpret individual or group test results.

Mean

The average value obtained by adding all the numbers in a data set together and then dividing by the number of values.

Z Score

A statistical measurement that describes a value's relationship to the mean of a group of values, measured in terms of standard deviations from the mean.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values.