Find the Rate of Interest Required to Achieve the Conditions

question 62

Multiple Choice

Find the rate of interest required to achieve the conditions set forth.
-If Jay bought a lot for $8,000 and sold it 15 years later for $24,000, what was her percentage rate of return on this investment if it was compounded annually?

• A) 8.7104%
• B) 9.6825%
• C) 7.5990%
• D) 3.7995%

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