For Accounts Where Interest Is Compounded Annually, the Amount a Accumulated

question 57

Multiple Choice

For accounts where interest is compounded annually, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + r) ^t. What interest rate will insure a $1700 deposit will be worth $2342.24 in 5.5 years? Round your answer to the nearest tenth of a percent.

• A) 6.0%
• B) 6.5%
• C) 7.0%
• D) 7.5%

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