Robert Put $15,000 into an Account with a Fixed Interest

question 85

Multiple Choice

Robert put $15,000 into an account with a fixed interest rate two years ago and now the account balance is $16,917.66.What rate of interest did Robert earn?

• A)4.5 percent
• B)5.4 percent
• C)6.2 percent
• D)8.0 percent

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Definitions:

Closing

The process of completing a transaction or finalizing accounts at the end of an accounting period.

Push Strategy

A marketing strategy that involves taking the product directly to the customer via whatever means, ensuring the customer is aware of your brand at the point of purchase.