Solve the Problem

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-An actuary for a pension fund need to have $14.6 million grow to $22 million in 6 years. What interest rate compounded annually does he need for this investment to growth as specified. Round your answer to the
Nearest hundredth of a percent.

A) 0.07%
B) 7%
C) 7.7%
D) 7.07%