At 14% Compounded Annually, an Investment of $50,000 Will Grow

question 220

Multiple Choice

At 14% compounded annually, an investment of $50,000 will grow to $1,000,000 in 22.86 years. How much longer will it take at 11% compounded annually?

• A) 8.33 years
• B) 3.45 years
• C) 5.84 years
• D) 13.78 years
• E) 28.71 years

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Definitions:

Iconic Memory

The visual sensory memory register pertaining to the visual domain and a fast-decaying store of visual information.

Sensory Memory

The shortest-term element of memory, allowing the retention of impressions of sensory information after the original stimuli have ended.

Working Memory

A mental system of restricted capability accountable for momentarily retaining data for processing purposes.

Overextension

A language development error wherein a child applies a word too broadly to objects that do not fit the word's meaning.