Towne Station Is Saving Money to Build a New Loading

Multiple Choice

Towne Station is saving money to build a new loading platform. Three years ago, they set aside $23,000 for this purpose. Today, that account is worth $31,406. What rate of interest is Towne Station earning on this investment?

A) 8.39 percent
B) 9.47 percent
C) 10.94 percent
D) 8.23 percent
E) 9.01 percent