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You Have $1,100 Today and Want to Triple Your Money

Question 52

Multiple Choice

You have $1,100 today and want to triple your money in 5 years.What interest rate must you earn if the interest is compounded annually?

A) 18.08 percent
B) 19.90 percent
C) 22.15 percent
D) 24.57 percent
E) 27.21 percent

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