In your first year out of college you hope to earn $60,000 per year. How many years will you have to work until you earn $120,000 if your income increases at a rate of 10% per year? Use the Rule of 72 to determine your answer
A) You would need to work for just over 5 years to reach an income level of $100,000 per year.
B) You would need to work for just over 6 years to reach an income level of $100,000 per year.
C) You would need to work for just over 7 years to reach an income level of $100,000 per year.
D) You would need to work for just over 8 years to reach an income level of $100,000 per year.
Answer: C
Explanation: C) = 7.2 years via the Rule of 72.
You might also like to view...
As production increases, what should happen to the variable costs per unit?
A) Stay the same. B) Increase. C) Decrease. D) Either increase or decrease, depending on the fixed costs.
Strategic goals
A. include fostering quantity and quality of outputs as well as increasing productivity. B. identify the specific procedures and processes required at lower levels of the organization. C. translate broad tactical goals and plans into specific goals and plans relevant to a particular portion of the organization. D. should be limited to top management. E. focus on the major actions a unit must take to fulfill its part of the strategic plan.
A buyer may revoke an acceptance of goods if
a. the nonconformity does not impair the value of the goods. b. the buyer had a legitimate reason for the initial acceptance. c. the buyer knew the nonconformity could not be cured. d. the buyer thought they could easily cover.
Legal sufficiency of consideration and adequacy of consideration are virtually synonymous terms
a. True b. False Indicate whether the statement is true or false