What Annual Interest Rate Would You Need to Earn If

question 126

Multiple Choice

What annual interest rate would you need to earn if you wanted a $1,250 per month contribution to grow to $65,000 in 3 years?

• A) 18.59%
• B) 21.26%
• C) 24.00%
• D) 25.19%

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Definitions:

Platypuses

Aquatic mammals native to Australia known for their unique characteristics such as laying eggs, having bill and webbed feet.

Therians

Mammals excluding the monotremes, comprising the live-bearing marsupials and placental mammals, characterized by traits such as viviparity and mammary glands.

Therapods

A group of bipedal dinosaurs, mostly carnivorous, that includes modern birds and their extinct ancestors like Tyrannosaurus rex.

Tyrannosaurus

Tyrannosaurus is a genus of theropod dinosaurs that lived approximately 68 to 66 million years ago, known for being one of the largest land predators of its time.