Stephen Claims That He Invested $6,000 Six Years Ago and That

question 9

Multiple Choice

Stephen claims that he invested $6,000 six years ago and that this investment is worth $28,700 today.For this to be true, what annual rate of return did he have to earn? Assume the interest compounded annually.

• A)28.87 percent
• B)31.39 percent
• C)29.80 percent
• D)26.01 percent
• E)27.87 percent

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