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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Definitions:

Sheriff

An elected official in a county or independent city responsible for keeping peace and enforcing the law, often involved with serving legal documents and managing jails.

Subrogation

The legal right for insurers to pursue a third party that caused an insurance loss to the insured.

Guarantor

A person or entity that agrees to be responsible for another's debt or performance under a contract if the original party defaults.

Debtor's Obligation

A debtor's legal responsibility to repay a debt as agreed upon with the creditor.