The Future Value of $4000 Invested for 5 Years at Rate

Multiple Choice

The future value of $4000 invested for 5 years at rate r, compounded annually, is given by S =4000(1=r) ⁵. Find the rate r, as a percent, that gives a future value from $5610 to $6442, inclusive. Round to the nearest whole percent.

A) $7 \% \leq \mathrm { r } \leq 10 \%$
B) $7 \% \leq \mathrm { r } \leq 15 \%$
C) $8 \% \leq \mathrm { r } \leq 13 \%$
D) $6 \% \leq \mathrm { r } \leq 9 \%$