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

question 48

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 off the rate of interest to the nearest whole number.)

• A)6%
• B)7%
• C)8%
• D)9%
• E)10%