Multiple Choice
If Alvin invests $5,500 today in a savings account, the money will grow to $8,500 at the end of Year 4. Assuming that the interest is paid once per year, the effective annual rate of the investment is _____.
A) 10.82%
B) 11.50%
C) 12.20%
D) 12.85%
E) 13.57%
Correct Answer:
Verified
Correct Answer:
Verified
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