How Much Longer Will It Take for an Initial Deposit

question 169

Multiple Choice

How much longer will it take for an initial deposit of $10,000 and annual payments of $1,000 accumulate to $25,000 if interest was at 4.11% compounded annually versus 5.45% compounded annually.

• A) 1 year
• B) 2 years
• C) 3 years
• D) 4 years
• E) 5 years

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Definitions:

John Stuart Mill

John Stuart Mill was a British philosopher, political economist, and civil servant, known for his contributions to liberal thought, ethics, and the theory of utilitarianism.

Socrates

An ancient Greek philosopher who is considered a founder of Western philosophy and is known for his Socratic method of question and answer.

Cultural Relativists

Adherents to the view that moral or ethical systems, which vary from culture to culture, are all equally valid and no one system is really "better" than any other.

Moral Absolutism

The thesis that at least some moral values and rules are universal. See absolutism.