Arish Has $25,000 in an Investment Account and Plans to Contribute

Multiple Choice

Arish has $25,000 in an investment account and plans to contribute $1,000 at the start of each quarter into the fund for 15 years. If Arish wishes to have $200,000 at the 15^th year, determine the annual rate of interest needed to fulfill this requirement.

A) 5.35%
B) 6.68%
C) 8.18%
D) 8.50%
E) 9.49%