An Investment of $1250 Is Made in an Account That $6.3 \%$

question 143

Multiple Choice

An investment of $1250 is made in an account that compounds interest continuously. After years 10 the balance in the account is $2,040.40. To the nearest tenth of a percent, what is the annual interest rate for this account?

• A) \(6.3 \%\)
• B) \(10.7 \%\)
• C) \(4.9 \%\)
• D) \(0.5 \%\)
• E) \(2.1 \%\)

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Definitions:

Alternative Care

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Trend Toward

The general direction in which something is developing or changing.

Merging

The process of combining two or more entities into a single entity, often seen in corporate or organizational contexts.

Undersinsured Americans

Individuals in the United States who have health insurance but whose coverage is insufficient to cover the cost of medical care, often resulting in significant out-of-pocket expenses.