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Suppose a Bank Wants to Advertise That $2,000 Deposited in Its

Question 145

Multiple Choice

Suppose a bank wants to advertise that $2,000 deposited in its savings account will double in four years. This bank compounds interest 360 times per year. What annual interest rate must the bank pay?


A) 18.33%
B) 17.33%
C) 69.38%
D) 16.33%

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