Find the Interest Rate Needed for an Investment of $5,000

question 54

Multiple Choice

Find the interest rate needed for an investment of $5,000 to grow to an amount of $7,500 in 3 year(s) if interest is compounded quarterly.Round your answer to two decimal places.

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Definitions:

Nonpayment

The failure to fulfill a financial obligation, such as not paying a bill, loan, or other types of debt when due.

Net Income

The amount of earnings left over after all expenses, including taxes and interest, have been deducted from total revenues.

Net Loss

The amount by which a company's expenses exceed its revenues during a specific accounting period, indicating a negative financial performance.

Investment

The process of distributing funds with the goal of earning additional income or profits.