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Find the Interest Rate Needed for an Investment of $3,000

Question 167

Multiple Choice

Find the interest rate needed for an investment of $3,000 to grow to an amount of $7,500 in 3 year(s) if interest is compounded monthly. Round your answer to two decimal places.


A) 31.13%
B) 31.74%
C) 30.94%
D) 30.56%

Correct Answer:

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