Multiple Choice
Solve the problem.
-An investor buys 100 shares of a stock for $20,000.After 5 years the stock is sold for $32,000.If interest is compounded continuously,what annual nominal rate of interest did the original $20,000 investment earn? (Represent the answer as a percent to three decimal places.)
A) 0.094%
B) 8.470%
C) 9.400%
D) 1.200%
Correct Answer:
Verified
Correct Answer:
Verified
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