Multiple Choice
Mike is considering investing $18,500 in an investment that will have a maturity value of $32,500 in 8 years. If the interest is compounded monthly, what is the annual rate of return earned on the investment?
A) 4.29%
B) 5.66%
C) 6.52%
D) 7.06%
E) 8.78%
Correct Answer:
Verified
Correct Answer:
Verified
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