How Many Days Will It Take for a Sum of $7,000

question 121

Multiple Choice

How many days will it take for a sum of $7,000 to earn $280 interest if it is deposited in a bank paying ordinary simple interest at the rate of 5%/year? (Use a 365-day year.) ​

• A) It will take 472 days for a sum of $7,000 to earn $280.
• B) It will take 242 days for a sum of $7,000 to earn $280.
• C) It will take 292 days for a sum of $7,000 to earn $280.
• D) It will take 272 days for a sum of $7,000 to earn $280.

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Definitions:

GDP

Gross Domestic Product, the total value of all goods and services produced within a country in a given period.

Trade Deficit

A situation where a country's imports exceed its exports over a given period, leading to more money leaving the country than coming in.

Mixed Economy

An economic system combining elements of both capitalism and socialism, with some sectors privately owned and others controlled by the government.

Economy

The system by which goods and services are produced, distributed, and consumed within a particular country or region.