Solve the Problem

question 70

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-An actuary for a pension fund need to have $14.6 million grow to $22 million in 6 years. What interest rate compounded annually does he need for this investment to growth as specified. Round your answer to the
Nearest hundredth of a percent.

• A) 0.07%
• B) 7%
• C) 7.7%
• D) 7.07%

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The value of one currency for the purpose of conversion to another.

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The legal tender issued by a country's government, used as a medium of exchange within its economy.

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