What Is the Annual Interest Rate Earned on a Deposit

question 89

Multiple Choice

What is the annual interest rate earned on a deposit that grew from $60 to $111.06 over the last 8 years?

• A)14%
• B)12%
• C)8%
• D)6%

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Definitions:

Utility

A measure of the satisfaction or happiness that consumers get from consuming goods or services.

Probability

A measure of the likelihood that an event will occur, quantified as a number between 0 and 1.

Expected Income

The income an individual or firm anticipates receiving over a certain period, often based on current or historical earnings.

Probability

A measure of the likelihood of a specific outcome, event, or result occurring.