Solved

Biff Deposited $9,000 in a Bank Account,and 10 Years Later

Question 158

Multiple Choice

Biff deposited $9,000 in a bank account,and 10 years later he closes out the account,which is worth $18,000.What annual rate of interest has he earned over the 10 years?


A) 6.45%
B) 7.18%
C) 9.10%
D) 10.0%

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q117: The present value of an annuity increases

Q153: Artificially low interest rates helped create the

Q154: Timelines are used for simple time value

Q155: Cary's wonderful parents established a college savings

Q156: Last National Bank is offering you a

Q157: If the future value of annuity A

Q159: A financial analyst tells you that investing

Q161: You decide you want your child to

Q162: You deposit $5,000 per year at the

Q163: To compound $100 quarterly for 20 years