A Deposit of $10,000 Is Placed in a Savings Account

question 64

Multiple Choice

A deposit of $10,000 is placed in a savings account for 4 years. The interest for the account is compounded continuously. At the end of 4 years, the balance in the account is $12,068.34. What is the annual interest rate for this account. Round your answer to one decimal places.

• A)75.2%
• B)2.0%
• C)5.2%
• D)4.7%
• E)none of these

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