At Approximately What Rate Would You Have to Invest a Lump-Sum

question 2

Multiple Choice

At approximately what rate would you have to invest a lump-sum amount today if you need the amount to triple in six years? Assume interest is compounded annually.

• A)20%
• B)12%
• C)24%
• D)Not enough information is provided to answer the question.
• E)None of the above is a correct answer.

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