Phil Has $2,000, and He Needs It to Grow to $4,000

question 5

Multiple Choice

Phil has $2,000, and he needs it to grow to $4,000 in 8 years. Assuming he does not add any more money to this fund, what rate of interest would he need to earn? (Round the rate of interest to the nearest whole number.)

• A) 6%
• B) 7%
• C) 8%
• D) 9%
• E) 10%