Solved

A Sum Of $2000\$ 2000 Was Invested for Four Years and the Interest Was Compounded

Question 53

Multiple Choice

A sum of $2000\$ 2000 was invested for four years and the interest was compounded quarterly. If this sum amounted to $2588.44\$ 2588.44 after the given time, what was the interest rate?


A) 6.25%6.25 \%
B) 6.5%6.5 \%
C) 7%7 \%
D) 7.5%7.5 \%
E) 8.5%8.5 \%  

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