New Metals, Inc

Multiple Choice

New Metals, Inc. is planning on expanding their operations when the economy strengthens in a few years. At that time they will need to purchase additional equipment. Four years ago, they set aside $300,000 in a special account for this purpose. Today, that account is worth $383,048.98. What rate of interest is New Metals earning on this money?

A) 5.87%
B) 5.92%
C) 6.26%
D) 6.30%
E) 6.35%