Floyd Ferris Invested $3000 into an Account Five Years Ago

question 37

Multiple Choice

Floyd Ferris invested $3000 into an account five years ago.Today his account has grown to have a balance of $3927.50.Given that his account offered monthly compounding of interest,the APR on this account is closest to:

• A)5.00%.
• B)5.25%.
• C)5.40%.
• D)5.54%.

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Definitions:

Entrepreneur

An individual who creates, launches, and manages a new business venture, often taking on significant financial risks.

Pattern Recognition

The ability to identify and understand regularities, repetitions, or trends in data, situations, or physical objects.

Opportunities

Situations or conditions favorable for achieving a specific goal or for advancing towards a desired outcome.

Entrepreneurship

The endeavor of forming a business or several businesses, bearing financial perils with the hope of gaining profit.