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The Future Value of $7000 Invested for 5 Years at Rate

Question 152

Multiple Choice

The future value of $7000 invested for 5 years at rate r, compounded annually, is given by S=7000(1+r) 5S = 7000 ( 1 + r ) ^ { 5 } Find the rate r, as a percent, that gives a future value of $9817.86. Round to the nearest whole percent.


A) 10%
B) 8%
C) 6%
D) 7%

Correct Answer:

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