Find the Required Annual Interest Rate, to the Nearest Tenth

question 289

Multiple Choice

Find the required annual interest rate, to the nearest tenth of a percent, for $1200 to grow to $1500 if interest is compounded monthly for 6 years.

• A) 7.4%
• B) 0.3%
• C) 2.5%
• D) 3.7%

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Definitions:

Transcription

Process in which enzymes use DNA as a template to assemble RNA. Part of gene expression.

Complementary

Pertaining to two or more components, elements, or sequences that match or enhance each other's properties or functions.

Codon

In an mRNA, a nucleotide base triplet that codes for an amino acid or stop signal during translation.

Nucleotide Bases

Organic molecules that serve as the building blocks of nucleic acids like DNA and RNA, consisting of adenine, thymine, cytosine, guanine, and uracil in RNA.