What Annual Interest Rate Would You Need to Earn If

question 117

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 three years?

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

---

Definitions:

Implicit Memory

A kind of enduring memory that allows us to execute activities without the active realization of past encounters.

Declarative Memory

A type of long-term memory that involves the conscious recall of facts and events.

Procedural Memory

The type of long-term memory responsible for knowing how to perform different actions and skills, essentially the memory of how to do certain things.

Recognition

The cognitive process of identifying previously encountered information, objects, or situations.