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Phil Has $2,000 and He Needs It to Grow to $4,000

Question 79

Multiple Choice

Phil has $2,000 and he needs it to grow to $4,000 in 8 years.Assuming he adds no more money to this fund,what rate of return would he need to earn? Approximate the rate of interest to the nearest whole number.


A) 6%
B) 7%
C) 8%
D) 9%
E) 10%

Correct Answer:

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