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If Money Is Invested for 3 Years , with Interest (1+r)( 1 + r )

Question 2

Multiple Choice

If money is invested for 3 years , with interest compounded annually, the future value of the investment varies directly as the cube of ( (1+r) ( 1 + r ) r) , where r is the annual interest rate. If the future value of the investment is $4499.46
When the interest rate is 4%, what rate gives a future value of $4244.83?


A) 4%
B) 2%
C) 0.02%
D) 20%

Correct Answer:

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