Multiple Choice
Five years ago John Henry set aside $5,000 in a separate bank account to be used for his favourite hobby - betting on horses at the race track. This account now has a $10,000 balance. What is the approximate compound interest rate John Henry's hobby is earning?
A) 2.9%
B) 6.9%
C) 10.0%
D) 14.4%
E) 100.0%
Correct Answer:
Verified
Correct Answer:
Verified
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