Solve the Problem. -Mahvash Inherited $20,000 and Invested It in a Mutual Fund

question 190

Multiple Choice

Solve the problem.
-Mahvash inherited $20,000 and invested it in a mutual fund for two years. At the end of the two years, her investment had grown to $22,472. Find the annual interest rate that would yield this amount of money, if the
Interest is compounded annually. Use the formula,

• A) 6%
• B) 0.6%
• C) 60%
• D) 0.06%

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