At the end of 2009 a student has $700 in a bank savings deposit that is earning an interest rate of 3 percent a year. If the student leaves the savings account untouched, when will his deposit have grown to $1400? If the student leaves the savings account untouched, his deposit will have grown to $1400 O A. after 12 years O B. by 2032 C. after 47 years D. by 2021

At the end of 2009 a student has $700 in a bank savings deposit that is earning an interest rate of 3 percent a year. If the student leaves the savings account untouched, when will his deposit have grown to $1400? If the student leaves the savings account untouched, his deposit will have grown to $1400 O A. after 12 years O B. by 2032 C. after 47 years D. by 2021

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

At the end of 2009 a student has $700 in a bank savings deposit that is earning an interest rate of 3 percent a year.
If the student leaves the savings account untouched, when will his deposit have grown to $1400?
If the student leaves the savings account untouched, his deposit will have grown to $1400
O A. after 12 years
O B. by 2032
C. after 47 years
D. by 2021

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