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Find the Interest Rate Needed for an Investment of $4,000

Question 12

Multiple Choice

Find the interest rate needed for an investment of $4,000 to grow to an amount of $5,000 in 3 yr if interest is compounded continuously. Please round the answer to the nearest hundredth of percent. ​


A) 7.44 %/yr
B) 7.32 %/yr
C) 6.39 %/yr
D) 8.01 %/yr
E) 7.78 %/yr

Correct Answer:

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