Multiple Choice
The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. If Shidan has $5,000 to invest and wants to have $10,000 at the end of 9 years, what compounded interest rate must she get on her money assume annual compounding?
A) 5%
B) 7%
C) 8%
D) 6%
Correct Answer:
Verified
Correct Answer:
Verified
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