What Nominal Rate of Interest-Compounded Quarterly Will Have to Be

question 74

Multiple Choice

What nominal rate of interest-compounded quarterly will have to be earned on a savings account for it to grow from $1525 to $1955 over a period of 21 months?

• A) 14.45%
• B) 15.45%
• C) 12.45%
• D) 3.61%
• E) 10.45%

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Definitions:

Implied

Not explicitly stated but understood from the circumstances or context of an agreement or action.

Implied Bailment

A bailment formed without explicit agreement, inferred from the actions or circumstances of the parties involved.

Plaintiff

The person or party who initiates a lawsuit (an action) before a court by filing a complaint with the clerk of the court against the defendant(s). Also known as claimant or complainant.

Appeal

The process of challenging the decision of a lower court in a higher court.