Solve the Problem $\$ 770$ In a Money Market Fund $\$ 1021.87$

question 291

Multiple Choice

Solve the problem.
-Angela Ramos invested $\$ 770$ in a money market fund. Two years later, her investment was worth $\$ 1021.87$ . Find the approximate annual rate of return on her investment. Use the formula $\mathrm { r } = \sqrt { \mathrm { A } / \mathrm { P } } - 1$ , where $\mathrm { P }$ is the investment amount and $\mathrm { A }$ is the value after 2 years. Give results as a percent to the nearest tenth.

• A) \(10.2 \%\)
• B) \(5.7 \%\)
• C) \(16.4 \%\)
• D) \(15.2 \%\)

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