Find the Interest Rate Needed for an Investment of $4,000

question 84

Multiple Choice

Find the interest rate needed for an investment of $4,000 to grow to an amount of $8,500 in 3 year(s) if interest is compounded monthly. Round your answer to two decimal places. ​

• A) 25.52%
• B) 25.39%
• C) 25.13%
• D) 25.93%

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Definitions:

Humanistic

A psychological approach emphasizing the study of the whole person and the uniqueness of individual experience and potential.

Behavioural

Relating to the behaviors or responses of an individual or animal towards outside or inside triggers.

Psychoanalytic

Pertaining to a psychological theory and therapy that aims to treat mental disorders by investigating the interaction of conscious and unconscious elements in the mind and bringing repressed fears and conflicts into the conscious mind by techniques such as dream interpretation and free association.

Jungian

Pertaining to the psychological theories and methods developed by Carl Jung, focusing on concepts such as archetypes and the collective unconscious.