Solved

Find the Required Annual Interest Rate, to the Nearest Tenth

Question 10

Multiple Choice

Find the required annual interest rate, to the nearest tenth of a percent, for $5100 to grow to $6300 if interest is compounded quarterly for 5 years.


A) 2.1%
B) 4.2%
C) 5.3%
D) 1.1%

Correct Answer:

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