At What Interest Rate Must $5000 Be Compounded Annually to Equal

question 150

Multiple Choice

At what interest rate must $5000 be compounded annually to equal $7116.56 after 9 yr? (Round to the nearest percent.)

• A) 3%
• B) 4%
• C) 5%
• D) 6%

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Definitions:

Personal Fable

Type of thought common to adolescents in which young people believe themselves to be unique and protected from harm.

Imaginary Audience

A social psychological concept where an individual imagines and believes that multitudes of people are enthusiastically listening or watching them.

Imaginary Audience

A belief common in adolescence that one is constantly being observed and evaluated by others.

Growth Spurt

A growth spurt is a rapid increase in physical growth, typically occurring during puberty, characterized by accelerated growth in height and other bodily dimensions.