At 8% Compounded Annually, How Long Will It Take $750

question 13

Multiple Choice

At 8% compounded annually, how long will it take $750 to double?

• A) 6.5 years
• B) 48 months
• C) 9 years
• D) 12 years

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Definitions:

Substitute

An alternative or replacement for something else, particularly in the context of products, goods, or services.

Statute of Limitations

A law that sets the maximum time after an event within which legal proceedings may be initiated.

Parol Evidence Rule

A legal principle that prevents the use of oral statements or extrinsic evidence to contradict or add to the terms of a written contract.

Statute of Frauds

A legal principle that requires certain types of contracts to be written and signed in order to be enforceable.