Albend Holmes Wants to Deposit $4,500 in a Bank Account

question 42

Multiple Choice

Albend Holmes wants to deposit $4,500 in a bank account that pays 8.25 percent annually. How many years will it take for his investment to grow to $10,000? (Round off to the nearest year.)

• A) 8 years
• B) 11 years
• C) 10 years
• D) 12 years

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Definitions:

Professional Bureaucracy

An organizational structure that relies on trained professionals to make key decisions rather than on a centralized authority.

Simple Structure

Indicates an organizational design with low complexity, few layers of management, and a focus on direct, clear lines of communication and decision-making.

Divisionalized Form

This organizational structure divides an entity into semi-autonomous units or divisions, each responsible for their own operations, products, or services.

Machine Bureaucracy

A type of organizational structure characterized by a high degree of standardization and formalization, clear hierarchical levels of authority, and a focus on rules and regulations for management and control.