Multiple Choice
Jeff desires to accumulate $13,603.83 by December 1, 2016. To accumulate that sum, he will make six equal semiannual deposits of $2,000, beginning on June 1, 2014, into a fund that earns interest compounded semiannually. What annual rate of interest must the fund provide to yield the desired sum?
A) 5%
B) 6%
C) 10%
D) 12%
Correct Answer:
Verified
Correct Answer:
Verified
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