Multiple Choice
Ito invested $4,350. After seven years he had an account value of $6,980.58. Maria invested $5,920. After six years she had an account value of $8,834.62. Which one of the following statements is correct?
A) Maria earned a rate of interest that was 0.9% higher than Ito's rate.
B) Maria earned a rate of interest of 5.89%.
C) Ito earned a rate of interest that was 0.09% higher than Maria's rate.
D) Ito earned a rate of interest of 6.90%.
E) Both Ito and Maria earned the same rate of interest.
Correct Answer:
Verified
Correct Answer:
Verified
Q17: Alpo, Inc. invested $500,000 to help fund
Q18: You collect model cars. One particular model
Q19: An account paying annual compound interest was
Q20: The present value will increase the lower
Q21: To decrease the amount required today to
Q23: The longer the time period, the higher
Q24: Omar has an investment valued at $12,345
Q26: Why do you think the concept known
Q27: Provide a definition of present value (PV).
Q78: Forty years ago,your father invested $2,500. Today