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If Money Is Invested for 3 Years with Interest Compounded 1+r1 + r

Question 36

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+r1 + r r, where r is the interest rate. If the future value of the investment is $9317.00 when the
Rate is 10%, what rate gives a future value of $8575.30? Round to the nearest whole percent.


A) 6%
B) 8%
C) 7%
D) 9%

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