Bob Has $2,500 Invested in a Bank That Pays 6

question 23

Multiple Choice

Bob has $2,500 invested in a bank that pays 6.8% annually.How long will it take for his funds to double?

• A) 10.64 years
• B) 9.06 years
• C) 10.54 years
• D) 10.96 years
• E) 8.64 years

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Definitions:

Company's Shares

Units of ownership interest in a corporation or financial asset, providing a portion of the company's profits and a claim on its assets to the shareholders.

Angel Investor

An affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.

Venture Capitalists

Investors who provide capital to startup companies and small businesses with long-term growth potential in exchange for equity.

Financial Support

Monetary assistance provided to individuals or organizations to help cover costs or fund activities.